According to Reuters in recent months Beijing has tightened the rules governing mortgage down payments and hoarding by developers of land and finished apartments in order to put a brake on property price inflation -- a major complaint among ordinary Chinese.
In a statement released during the annual session of China's parliament and its political advisory body, the ministry said property prices had now stabilized. The Chinese government has succeeded in curbing property speculation in some cities where real estate prices were rising too fast, the Housing Ministry said on Monday, acknowledging that strong demand will continue to drive prices.
Minister Jiang Weixin told to reporters, that "Because of a number of initiatives taken by the central and local governments, I believe that housing prices will develop in a relatively stable way”.
Sharp rises in housing prices have become a pre-occupation of Chinese society and the topic of a popular and controversial television series.
Many middle-class Chinese benefited from early housing reforms that allowed them to own, and then sell for a high profit, former state-owned housing. Others have vaulted into the ranks of the wealthy by flipping high-end housing.
But many young couples gloom of being able to buy a home.
Local governments preventing social unrest also need rising real estate prices to keep revenue flowing. Nonetheless, demand would bolster Chinese property prices for the next 20 years as China's huge rural population migrates to cities, and as families seek more spacious apartments.
In a statement released during the annual session of China's parliament and its political advisory body, the ministry said property prices had now stabilized. The Chinese government has succeeded in curbing property speculation in some cities where real estate prices were rising too fast, the Housing Ministry said on Monday, acknowledging that strong demand will continue to drive prices.
Minister Jiang Weixin told to reporters, that "Because of a number of initiatives taken by the central and local governments, I believe that housing prices will develop in a relatively stable way”.
Sharp rises in housing prices have become a pre-occupation of Chinese society and the topic of a popular and controversial television series.
Many middle-class Chinese benefited from early housing reforms that allowed them to own, and then sell for a high profit, former state-owned housing. Others have vaulted into the ranks of the wealthy by flipping high-end housing.
But many young couples gloom of being able to buy a home.
Local governments preventing social unrest also need rising real estate prices to keep revenue flowing. Nonetheless, demand would bolster Chinese property prices for the next 20 years as China's huge rural population migrates to cities, and as families seek more spacious apartments.
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