A state news agency has quoted the National People’s Congress as saying China should closely watch the country’s property sector and prevent excessive swings in asset prices.
The state news agency website said that legislators believed that there were too many uncertainties in the property market and that the potential for risk should not be ignored.
State figures show that property prices in 70 major Chinese cities rose 8.2% year-on-year in June.
However, falling transaction volumes have been putting pressure on developers as prospective home buyers wait on the sidelines in anticipation of a major downward correction of regional property prices.
Figures released by state planners show that prices of new residential properties rose 9.2% year-on-year in June, falling one percentage point from the month before.
State leaders said they want to promote a ‘healthy and stable development of the property and capital markets.’
Source: Quamnet
