China’s property prices rose at the fastest pace in 18 months in December.
Residential and commercial real-estate prices in 70 cities climbed 7.8% from a year earlier according to the National Development and Reform Commission.
Premier Wen Jiabao pledged Dec. 27 to stabilize property prices, crack down on speculation and keep housing affordable, adding that tools may include taxes, “differentiated interest rates” and land regulations.
BusinessWeek on January 14 said some local authorities have started to implement a policy allowing the repossession of land that’s been idle for more than two years, part of efforts to stop hoarding by developers expecting price gains.