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Central government backs property moves

By Guan Xiaofeng (China Daily)
Updated: 2008-10-20 07:48

The central government endorses local governments' measures to revitalize property markets, a senior official said on Saturday.

An estate broker introduces apartments for sales to a potential home buyer at a housing exhibition in Huangshan City, central China's Anhui Province, October 4, 2008. [Xinhua]

"Local governments should be allowed certain freedom in formulating real estate policies," Qiu Baoxing, vice-minister of housing and urban-rural planning, said at the China Mayors Forum in Shenzhen, Guangdong province.

"I believe each city government is capable of adopting sensible measures suited to local conditions."

His comments came after 18 cities, including Shanghai, Xi'an, Xiamen and Hangzhou, announced policies to boost the property market.

They include raising the ceiling on government funding or subsidies for home-buyers, cutting taxes and extending the time limit for property firms to develop land parcels.

Since the fourth quarter of last year, the property market has cooled down nationwide and transactions have fallen significantly.

"We should allow scope for experiments, which is what reform and opening-up means," he said.

Fan Gang, a leading economist, told China Central Television on Friday that China should adjust its financial policies on the real estate market, such as giving preferred policies to home-buyers.

He said preventing bubbles should not be a priority at present, but activating the demands.

Songyuxuanzhu, a famous blogger on the leading news website 163.com, said that when the financial crisis is rampant worldwide, rescuing the property market is not just about whether protecting the interests of property dealers or consumers, it is more about financial and economic stability.

However, Internet users, property owners and academics differ in their response.

According to a survey by Sina, a major website, more than 84 percent of Internet users oppose governments' efforts to revive the market.

They believe such measures will benefit real estate developers and drive up prices gain.

Chen Lin, director of Guangzhou University's Real Estate Institute, said it was too early for government rescue measures.

"House prices in Guangzhou are way beyond the reach of residents; and the policies will not be widely welcomed," she said.

She believed local governments are mounting rescue bids because they have a big stake in that, which is a major source of financial revenue.