Thursday, July 8, 2010

No new property tightening for China

(BEIJING) China has no plans to launch a new round of property market tightening in the third quarter, a senior official said in remarks published yesterday, refuting earlier media reports.

Wang Yulin, deputy research head with the Ministry of Housing and Urban-Rural Development, said the government would step up efforts to implement tightening measures which have already been announced to rein in the red-hot housing market, including curbs on purchases of multiple homes and restrictions on lending to property developers.

Minister of Land and Resources Xu Shaoshi said on Sunday that property prices would fall in Q3 as the tightening campaign continued, which was interpreted by some media as indicating that China was planning a new round of curbs.

'Such media reports embellished his remarks,' Mr Wang told the Oriental Morning Post in Shanghai. He added that China's property market would not experience a hard landing this year. -- Reuters

Source: Business Times, 8 Jul 2010

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