Housing policy to be fine-tuned

The Ministry of Housing and Urban-Rural Development rejected a report on Thursday that said monetary compensation for shantytown renovation led to rising property prices. Instead, it said the policy has helped promote healthy development of the real estate market and will be fine-tuned in accordance with each city's conditions.

The policy will be improved, and soon will be adjusted for cities and counties with inadequate inventories and huge upward pressure on property prices, said Ni Hong, vice-minister of housing and urban-rural development, at a policy briefing hosted by the State Council Information Office on Thursday.

However, monetary compensation is not necessarily connected with housing prices, and it has played a positive role in stabilizing land prices and market expectations in third- and fourth-tier cities, Ni said.