China to introduce more polices to boost property market

Published: 15 Jan 2009 02:15:16 PST

Jan. 14, 2009 (China Knowledge) - China will unveil new policies this year to boost the sluggish property market, a local newspaper reported, citing Jiang Weixin, Minister of Housing and Urban-Rural Development, as saying.

The ministry will encourage the property purchase of local residents and increase lending to developers that build small and medium-sized residential units.

Jiang noted that the State Council has been enhancing monitoring of the real estate market since the second half of last year, when there are growing number of mortgage defaults in Shenzhen.

The Minister said that China's major tasks in the property sector this year are to ensure reasonable housing consumption, to increase residential property investment and to build more government-subsidized houses.

Besides, the government will encourage developers to lower property prices appropriately to boost sales.

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