China's vice premier calls for stabilisation of property prices
Tuesday, 28 August 2007
BEIJING, Aug 27 (AFP): China will provide more housing for low-income families as part of efforts to stablise soaring property prices, state media reported today, citing Vice Premier Zeng Peiyan.
Zeng said local governments should strive to offer adequate housing to low-income families and boost the healthy development of the real estate market, the China Securities Journal said.
Houses under 90 square metres (968.4 square feet), the type supposed to be within the affordability of low-income families, should account for no less than 70 per cent of newly built houses, the report said.
Local governments should set aside funds for low-cost rental housing in their budgets, and at least 10 per cent of the proceeds of land transfers should be used for the development of low-cost rental housing.
Meanwhile, local proceeds from the public housing provident fund should be invested in building low-cost rental apartments, the report said.
By 2010, all urban low-income families with housing difficulties should be covered by the low-cost rental housing policy, it added.
Zeng made the remarks in a speech at a national conference on urban housing held in Beijing over the weekend, which was published on www.gov.cn, a website run by the central government.
He said that the overly rapid growth in the property market has already had a negative impact in the public interest, according to the website.
Earlier, the National Development and Reform Commission said that property prices in 70 major Chinese cities were up a record 7.5 per cent year-on-year in July, compared to 7.1 per cent in June.
Zeng said local governments should strive to offer adequate housing to low-income families and boost the healthy development of the real estate market, the China Securities Journal said.
Houses under 90 square metres (968.4 square feet), the type supposed to be within the affordability of low-income families, should account for no less than 70 per cent of newly built houses, the report said.
Local governments should set aside funds for low-cost rental housing in their budgets, and at least 10 per cent of the proceeds of land transfers should be used for the development of low-cost rental housing.
Meanwhile, local proceeds from the public housing provident fund should be invested in building low-cost rental apartments, the report said.
By 2010, all urban low-income families with housing difficulties should be covered by the low-cost rental housing policy, it added.
Zeng made the remarks in a speech at a national conference on urban housing held in Beijing over the weekend, which was published on www.gov.cn, a website run by the central government.
He said that the overly rapid growth in the property market has already had a negative impact in the public interest, according to the website.
Earlier, the National Development and Reform Commission said that property prices in 70 major Chinese cities were up a record 7.5 per cent year-on-year in July, compared to 7.1 per cent in June.