Tuesday, 13 March 2012

China to maintain real estate curbs this year

SHANGHAI: China will maintain its real estate curbs this year but will make sure purchases of first homes are unaffected, the official China Securities Journal reported, citing a notice by the central government.

The government had urged financial institutions to continue to support first-time home buyers while keeping in place lending restrictions on property investment, the newspaper said.

Property sales fell 20.9% in the first two months of 2012 from a year earlier as the government had introduced a series of measures including property sales taxes and lending restrictions to curb speculation.

Despite Beijing showing its willingness to ease policy selectively to bolster growth, rhetoric has been unbending on the property sector.

Shanghai last month reaffirmed its commitment to real estate curbs in an apparent attempt to dismiss expectations that China's commercial hub will ease some restrictions on purchases.

The third-tier city of Wuhu in Anhui province suspended plans to ease property restrictions after they were slammed by experts, local media has reported. - Reuters

Source: http://biz.thestar.com.my/news/story.asp?file=/2012/3/14/business/10909525&sec=business

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