[photopress:realestate_1.jpg,full,alignright]The central government’s next steps to cool the nation’s overheated property market will be targeted at real estate enterprises with Beijing being targetted.
Several governmental departments, including the Ministry of Construction, the Ministry of Land and Resources, the Ministry of Finance and the China Banking Regulatory Commission, will carry out investigations. The Beijing Municipal Bureau of Land and Resources announced earlier this month that it would investigate and punish at least 30 real estate projects that are suspected of illegally occupying land by the end of the year.
Zhang Junyao, vice-chairman of the Beijing Real Estate Association, said, ‘Real estate enterprises in Beijing are healthy as a whole. They have made great contributions to the capital’s economic development in recent years. Real estate has become one of Beijing’s pillar industries and will continue to grow together with our country’s economy. The municipal government has adopted measures to standardize the real estate market and some of them are quite successful.’
But Zhang Junyao admitted that the efforts to stabilize housing prices in Beijing have achieved little success. He said:
‘I believe the future trend is that the government will make policies to help large enterprises grow while small enterprises with inadequate assets and quality will gradually be ousted. The real estate market will become more and more standardized.’
Source: China Daily