Too early to loosen curbs on property, says China's Premier Wen Jiabao

PUBLISHED : Sunday, 02 September, 2012, 12:00am
UPDATED : Sunday, 02 September, 2012, 3:23am

Premier Wen Jiabao said yesterday it was too early to loosen curbs on speculative property investment, state media reported, as authorities keep a tight lid on the once red-hot housing sector.

Wen, inspecting an affordable housing project, said government efforts to rein in runaway housing prices had been largely successful, Xinhua said.

"But the controls over the real estate market are still in a critical period," Wen said in Tianjin .

His comments came after Xinhua reported last month that Beijing was studying new measures to beef up controls in the property sector, amid signs housing prices were bouncing back.

New home prices in 50 out of 70 cities tracked by the government increased in July from June, latest official data showed. That represented a doubling from 25 in June.

The government has been tightening policies for more than two years.

Measures include a ban on buying second homes, an increase in minimum down payments and the introduction of property taxes in certain areas.


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