Tightening property measures to continue in big Chinese cities

Xinhua
First- and second-tier cities will continue to see tightening property measures in the second half of the year.
Xinhua

First- and second-tier cities will continue to see tightening property measures in the second half of the year, according to a report from the National Academy of Economic Strategy under the Chinese Academy of Social Sciences.

The country is also expected to tighten lending standards for commercial real estate in order to prevent an excessive growth in property loans from pushing up home prices.

Such moves will help stabilize expectations on national property prices and smooth out short-term market fluctuations, the report said.

In the short term, growth in home prices of major cities is expected to further moderate with trade volumes down, due to strict controls over property market.

New house prices in four first-tier cities -- Beijing, Shanghai, Shenzhen and Guangzhou -- increased 0.3 percent in May, down from the 0.6-percent increase in April. Prices of new houses climbed 0.8 percent in May from the previous month in 31 second-tier cities and 35 third-tier cities, according to data from the National Bureau of Statistics.

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