Tuesday, March 9, 2010

China’s 2009 investment in housing up 16.1%

Govt’s new building plan will cater to low-income families

China’s 2009 investments in the real estate industry rose 16.1 per cent to 3.6 trillion yuan (S$738 billion), the country’s housing ministry said yesterday in a report ahead of a press conference.

Sales increased 42.1 per cent to 930 million square metres, the ministry said. The government will build 2.8 million housing units this year, ensuring that the country’s low-income earners can afford accommodation, the ministry said.

The government will build three million low-cost housing units this year for people who are priced out of the property boom, according to the ministry’s report, echoing a March 5 pledge by Chinese Premier Wen Jiabao to curb speculation.

‘The government will increase the construction and supply of commercial housing, public-lease house and accommodation with controlled prices,’ said Jiang Weixin, Minister of Housing and Urban-Rural Construction, at a press conference yesterday.

China’s January property prices in 70 cities rose 9.5 per cent at the fastest pace in 21 months compared with a year earlier, the National Development and Reform Commission said on Feb 11 in a report.

Still, the country’s property speculation is already under control, as prices have reached ’stable levels’ after soaring to records, the ministry said. There are ‘positive changes in the market’, according to the report, which didn’t give details.

Source: Business Times, 9 Mar 2010

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