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Official: Shanghai property prices under control

04-22-2011 14:11 BJT

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Shanghai is the last stop for the special teams deployed by the Chinese government to investigate irregular house price increases across the country. Officials are satisfied with the Shanghai municipal government's measures to maintain surging property prices.

The State Council dispatched eight special research groups in early April, to look at how local governments had carried out the property macro-control policies.

At their last stop in Shanghai, the investigation team checked the property price situation through random samples. It also took a look at the implementation of the property tax.

Wang Bao'an, Assistant to Finance Minister, said, "How does the property tax impact your business?"

Shanghai Property Agents said, "It is impacting our business. Because people will have second thoughts when purchasing a house. The property tax has added more pressure on homebuyers with more costs, so they have become more prudent than before."

The team also inspected the construction work of welfare housing projects, and visited local inhabitants of affordable homes.

Ms. Wang, Shanghai Resident, said, "The transportation here is convenient since it's not far from the subway. And we can also take buses out."

The head of the inspection team says they're satisfied with what the local government has done to implement the central government's property price tightening measures.

"The Shanghai municipal government has made timely and effective implementations of the central government's policies. It stressed both the tightening of the property market and the supply of public welfare housing projects. So we have seen positive results followed by those measures in the market." Wang said.

Figures show the transaction volume of new homes in Shanghai plunged 25 percent in the first quarter of the year. And prices of new homes also decreased more than 10 percent in the first half of April.


Editor:Zheng Limin |Source: CNTV.CN

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