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China: 63.2B yuan to curb speculative housing market
(chinadaily.com.cn)
Updated: 2010-03-05 11:40
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The Chinese government will subsidize 63.2 billion yuan - 8.1 billion yuan more than last year - to build 3 million economically affordable houses and rebuild 280 million houses in 2010, according to the government report delivered by Premier Wen this morning.
The move is aimed at curbing China's soaring housing prices.
The government will resolutely curb the precipitous rise of housing prices in some cities and satisfy people's basic need for housing, said the report, adding that it will make greater efforts to deal with violations of laws and regulations such as keeping land unused, property hoarding, and price rigging.
