[photopress:housing_affordable.jpg,full,alignright]A senior Ministry of Housing and Urban-Rural Construction official has said officials’ ability to keep real estate prices stable and affordable will be a major criterion in deciding their performance and career prospects.
Shen Jianzhong, the director of the real estate department of the ministry said, ‘We should be setting up an accountability system for governments and officials soon.’
The newly approved ministry, to replace the Ministry of Construction, is responsible for realizing China’s new housing policy targeted at ‘ensuring everyone is sheltered’.
Shen said local government officials should monitor housing prices to prevent price volatility and ensure that homes remained affordable, but he did not provide details of the accountability system.
Shen said the country is still faced with mounting pressure from real estate price hikes as supply cannot meet rising demand. The land available is limited, which has a big impact on housing prices,’ Shen said.
Qi Ji, the vice-minister of construction, said the central government has decided to allocate 70% of land supply this year to build homes for middle and low-income families and the needy.
He added, ‘Local governments are also required to increase funding in this area.’
Source: China Daily