Source: CCTV.com

07-28-2008 13:45

China's top economic planning body has approved a monitoring system for the property sector. It will cover property markets in 40 cities across the country. But the National Development and Reform Commission did not say when it will be put into use.

China's top economic planning body has approved a monitoring system for the property sector.(File photo)

The system will collect statistics on the property market via the internet. It will cover both existing property projects and those still under construction. It will also disclose price changes in the market.

Liu Xiahui, Researcher of Chinese Academy of Social Sciences (CASS), said, "If the system is implemented and is frequently updated, it will be very useful for the development of China's property market. It will also help ordinary people when they buy property."

With the new system, authorities can get real market transaction figures and then crack down on illegal price speculating. In addition, by being in touch with the latest changes in the market, they can make any necessary adjustments to related policies.

Since the crisis involving US mortgage companies Fannie Mae and Freddie Mac broke, risks in the property market have been a concern for Chinese authorities. The banking regulator called for more attention to be paid to potential risks in the property market last week.