[photopress:real_estate_urged_better_use.jpg,full,alignright]In a forum in Beijing property developers were told to focus on innovative land use to ensure supply and stabilize prices.
Shu Kexin, deputy director of the Ministry of Land Resources’ land use department, said at the China Real Estate and Finance Annual Forum, ‘To make full use of the country’s land resources, real estate development should shift from a low-density and high-green ratio to a high-density and low-green ratio.
‘This model would ensure sustainable city development and could also solve the problem of traffic jams by making full use of vertical space.’
Analysts and market insiders said a shortage of land has led to soaring housing prices and panic purchases.
Li Guoping, board director of Syswin Consulting said, ‘Around 20% of the wealthier segment of the population have bought 80% of existing housing.’
A new property tax is expected next year in cities including Beijing and Shenzhen and in Jiangsu Province.
Shu Kexin said, ‘The new property tax could curb speculative investment activities.’
Source: China Daily