China Vows to Take Measures to Cool Down Property Prices
China's government has proposed stronger tax, credit and land policies to hold steady the country's overheating property market.The state-run China Daily said Thursday that a State Council meeting chaired by Premier Wen Jiabao vowed to take necessary measures to curb price rises in major cities.
The council said that tax, credit and land supply policies should be allowed to play a bigger role in guiding the market. Other possible measures include more timely and accurate disclosures of real estate statistics, as well as matching the pace of demolishing old housing with the demand for new homes.
The China Daily noted that property prices in 70 large and medium-sized Chinese cities increased five-and-a-half percent in the first quarter of this year, from the same period last year.