Property measures not to stay, says paper | Shanghai Daily

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November 2, 2009

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Property measures not to stay, says paper

WITH a solid recovery in the real estate market, the Chinese government would probably not continue the measures unveiled last October to boost the property sector amid the global financial crisis, China Business reported yesterday on its Website.

"Those policies were effective for one year. The ministry will not propose to extend them," the newspaper quoted an unnamed source close to the Ministry of Housing and Urban-Rural Development as saying.

Late last October, China rolled out a series of favorable measures to boost the falling property sector amid the global economic downturn.

The measures, which took effect on November 1 last year, included cutting the mortgage rates by as deep as 30 percent, lowering the stamp tax on house purchases from 3-5 percent to 1 percent for first-time home buyers acquiring an apartment of less than 90 square meters, and reducing the down payment requirement to 20 percent from 30 percent.

These measures, implemented by the Ministry of Finance, the central bank and the State Administration of Taxation, had been largely proposed by the ministry, the newspaper quoted the source as saying.

Thanks to these policies and rising demand, China's property market has seen price and sale hikes after February this year.

The net profit of China Vanke, the country's largest property developer by market value, jumped nearly 30 percent year on year to about 3 billion yuan (US$439 million) in the first three quarters of this year.

Figures from the National Bureau of Statistics showed that housing prices in 70 of China's large and medium-sized cities on the mainland rose 2.8 percent in September from the same month of last year.



 

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