{"id":119849,"date":"2011-03-30T18:24:46","date_gmt":"2011-03-31T01:24:46","guid":{"rendered":"http:\/\/chinadigitaltimes.net\/?p=119849"},"modified":"2011-12-08T10:48:30","modified_gmt":"2011-12-08T17:48:30","slug":"beijing-aims-to-stabilize-new-home-prices-joining-other-cities-in-curbs","status":"publish","type":"post","link":"https:\/\/chinadigitaltimes.net\/2011\/03\/beijing-aims-to-stabilize-new-home-prices-joining-other-cities-in-curbs\/","title":{"rendered":"Beijing Aims to Stabilize New Home Prices, Joining Other Cities in Curbs"},"content":{"rendered":"<p>Exorbitant housing prices have long been both a social and political problem in China. The central government has placed regulating the housing market as a top priority. <a href=\"http:\/\/www.bloomberg.com\/news\/2011-03-30\/beijing-aims-to-stabilize-new-home-prices-joining-other-cities-in-curbs.html\"><strong>Beijing, following the lead of other Chinese cities, is using introducing new measures to stabilize housing prices.<\/strong> <\/a>From Bloomberg News:<\/p>\n<blockquote><p>Beijing said it will stabilize new home prices this year and aims for a drop from 2010, the local government announced on its website late yesterday. Shanghai said on March 28 it will limit gains in new home prices to no more than the pace of economic growth and average income expansion.<\/p>\n<p>About 40 Chinese cities said they will cap new home prices below annual economic and disposable per-capita income growth after local governments were ordered to submit home price control targets by the end of March. The Chinese government is intensifying efforts to keep housing affordable after prices gained for 19 consecutive months to December and climbed in all but 68 cities the government monitors in February.<\/p>\n<p>\u201cThe capital city of Beijing\u2019s property curbs always are the most severe among peers,\u201d said Jeffrey Gao, a Shanghai- based property analyst at Royal Bank of Scotland Group Plc. \u201cBut even that target was almost like nothing.\u201d<\/p><\/blockquote>\n<p>Since last year, the<strong> <\/strong><strong><a href=\"http:\/\/www.globalpropertyguide.com\/Asia\/China\/Price-History\">Chinese central government has announced policy changes to curb housing speculation<\/a><\/strong>. From Global Property Guide:<\/p>\n<blockquote><p>Measures approved in January  2011 to cool China\u2019s  housing market:<\/p>\n<ul type=\"disc\">\n<li>Higher down payments for second homes (from 50%       to 60%)<\/li>\n<li>More areas where home purchases are limited.<\/li>\n<li>The government is also testing new property taxes       in Shanghai and Chongqing,       in southwestern China.<\/li>\n<\/ul>\n<p>The introduction of cooling  measures began in April 2010, when the   government raised real estate  transaction taxes, increased minimum down   payments, and hiked mortgage interest  rate margins.<\/p><\/blockquote>\n<p>However, the article continues, constraining housing speculation may be easier said than done.<\/p>\n<blockquote><p>Analysts nevertheless  question the effectiveness of these  regulations. With economic prospects in the  US and Europe dull, global   investments are heading to China.  Chinese companies are raking in huge  profits from exports. All this money has  to go somewhere; a huge chunk  is being spent on housing.<\/p>\n<p>Cracking down on speculators  is not easy. China\u2019s  corruption-ridden  bureaucracy is incapable of prosecuting investors with strong  links to  the Communist Party.\u00a0 New  regulations simply make speculators move to  other areas, shift to another  industry, or increase their bribes to  regulators.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Exorbitant housing prices have long been both a social and political problem in China. The central government has placed regulating the housing market as a top priority. Beijing, following the lead of other Chinese cities, is using introducing new measures to stabilize housing prices. From Bloomberg News: Beijing said it will stabilize new home prices [&hellip;]<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[2,10,100,5,1],"tags":[5811,6182,3098,3297,4393],"class_list":["post-119849","post","type-post","status-publish","format-standard","hentry","category-economy","category-law","category-politics","category-society","category-uncategorized","tag-beijing","tag-housing-bubble","tag-housing-market","tag-housing-policy","tag-housing-prices","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.9 (Yoast SEO v23.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Beijing Aims to Stabilize New Home Prices, Joining Other Cities in Curbs<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/chinadigitaltimes.net\/2011\/03\/beijing-aims-to-stabilize-new-home-prices-joining-other-cities-in-curbs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beijing Aims to Stabilize New Home Prices, Joining Other Cities in Curbs\" \/>\n<meta property=\"og:description\" content=\"Exorbitant housing prices have long been both a social and political problem in China. 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