Vice-Premier Zeng Peiyan has pledged to
stabilize soaring property prices by putting up more real estate for sale,
standardizing the market and offering more and better houses to low-income
Labourers work on a construction site
in Hefei, central China's Anhui province May 19, 2006. Vice-Premier Zeng
Peiyan has pledged to stabilize soaring property prices by putting up more
real estate for sale. [Reuters]
Speaking at a recent State Council meeting on Beijing's property market, Zeng
said: "The Beijing municipal government should channel more funds into low-rent
housing schemes and standardize the construction, sale and distribution of
low-cost affordable houses."
By the end
of last year, 512 of the 657 cities had set up the low-rent housing scheme, and
the Ministry of Construction ordered that it be extended to the rest of the
country this year.
The meeting emphasized a combination of market mechanism and governmental
regulations, Xinhua News Agency reported yesterday.
It's the government's responsibility to solve the basic housing problem of
the low-income group, participants said.
The central government has taken measures to cool off the booming property
market. They include an official mandate to build more small- and medium-sized
houses and strengthened land appreciation tax collection on developers.
Though the meeting was told that overall, the housing market had cooled down,
with speculation being curbed, property prices in some major cities were still
rising and the supply of small- and medium-sized houses was far from enough.
Last month, housing prices in 70 large and medium cities rose 5.6 percent
year on year, according to the National Development and Reform Commission, with
those in Beijing jumping 9.9 percent.
Zeng said the government would continue regulating the property market and
crack down on those involved in hoarding, bidding up housing prices and
committing contract frauds.
He urged that the secondary housing and rent markets be developed to
stabilize housing prices.
Beijing will build 10 million square meters of low-cost affordable houses in
the next three years, official figures show.
And Beijing Mayor Wang Qishan said last month the city would begin building
low-rent houses with a total floor space of 300,000 square meters this