The Minister of Housing and Urban-Rural Construction says China will continue tough economic measures aimed at curbing rises in property prices.
Minister Jiang Weixin says the last few months have seen a slowdown in the growth of prices for commercial housing. And Jiang believes this is partly due to larger supplies of low-rent housing being made available on the market. And a primary reason for this is economic measures taken to control housing prices.
Jiang Weixin, Minister of Ministry of Housing & Urban-Rural Construction said "We will continue to use economic measures to stop housing prices from rising too quickly. Political measures will take a lower priority. Economic measures include different requirements for down-payment, varying interest rates for the purchase of first and second houses, as well as different tax policies."
The minister says China is now working on developing policies combining market adjustments with government safeguards. There will be also be more encouragement for developers to build apartments that small-to-medium sized. Jiang Weixin is urging local governments to play a more active role in determining standards in their region, as well as developing low-rent and fixed priced housing. Jiang also says employers should also take some responsibility to provide accommodation for migrant workers in the city.