Real Estate
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- By David Cao
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A plan to revitalize China's property sector has been submitted to the State Council, or China's Cabinet, for discussion and approval, a source confirmed with China Daily on Tuesday.
According to Nie Meisheng, president of China Real Estate Chamber of Commerce, the Ministry of Housing and Urban Construction convened a meeting before the Spring Festival, seeking suggestions on a long-term development scheme for the real estate sector.
"The draft plan includes suggestions for affordable housing construction, more policy support on giving out loans to property developers, and more innovative financial products to meet real estate firms' financing demand," Nie told China Daily, adding that should the plan pass, the country's property market may warm up in the second half of the year.
To ensure China's GDP growth stays well above eight percent, the State Council is working on a package of plans to revitalize pillar industries. So far, the government has passed such plans for the textile, steel and auto sectors.
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"Buy an apartment now is your support to government", translated directly from those Chinese characters on red paper shows above.
One real estate developer, located in Gejiu city, Yunnan province, posts such kind of advertisement on the window of its sales center. Even such voice exist for a long time since the end of last year, this is the first time to be witten in real estate developer's promotional advertisement.
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In the middle of January, 2009, Guancheng Mingdundao, one of the latest real estate located in east 2nd ring road of beijing, starts to sale at the price 12500Yuan/sqm。 comparing to the price of its neighborhood, the such price is 8000yuan lower.
Zhujiang Dijing, another real estate block, pronounces their promotional plan. Reducing price and increasing sales is the main goal of it. the price is also 8000yuan lower than its neighborhood.
Even these real estate located around subway station also start to join the low-price-storm.
From the 12th to 18th January, there are only 2007 transactions. That data shows the real estate market of Beijing is still on the way to go down.
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"The price of house shouldn't raise anymore." Yu Zhengsheng, the secretary of municipal Party committee and member of the Bureau's Standing Committee, said during the recent Second Session of the 13rd Shanghai People's Congress.
Yu Zhengsheng says the ratio of house price to income is too high, he take the young workers for example. The current house price couldn't be afforded by young workers.
He also points out that the most important mission for now is to adjust Shanghai's economic structure, the possibility to reduce taxes is not high and the government don't have the intention to rescue real estate market.
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According to a report of ‘21st Century Business Herald’, Jian Weixin, the minister of housing and urban construction ministry, said local government will not be allowed to put forward new tax and financial policies to stimulate real estate market in this year.
Jian Weixin made such comment at the national work conference on construction of this year.He asked each local government to take on the responsibility of maintaining the stabilization of real estate market.
Jian Weixin pointed out each local government could put forward new policies according to local reality, but in order to enhance the seriousness and legality of local government, local government will not be allowed to put forward new tax and financial policies which overstep their authority.
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