Measures must protect the poor

The aim of measures to shore up the real estate market is not to save property developers, but rather, to protect the interests of ordinary people, says an article in People's Daily. The following is an excerpt:

The 24 real estate measures taken by the municipal government of Hangzhou, capital city of Zhejiang province, to shore up local real estate market have aroused widespread social reactions recently. People are discussing whether the government should help protect the property market. In fact, the government move should be aimed at saving our economy, banks and the masses. It is not meant to protect the interests of property developers or the interests of wealthy people, but to help people living in difficulties or with low incomes. Statistics show in the first three quarters of this year commercial real estate housing sales in the downtown of Hangzhou, except subsidized housing offered by the government, declined 50 percent in floor space.

Currently, 88 percent of Hangzhou families own homes and the family housing mortgages reach 107.7 billion yuan ($15.74 billion). Once the housing market in Hangzhou collapses, the housing price will plummet, making those people's family assets shrink on a large scale.