CHINA will not initiate immediate moves to further curb property speculation because of signs of market stability, says the Hong Kong Association for the Advancement of Real Estate and Construction Technology.
The pledge was made by senior officials of the Ministry of Construction last week when association representatives visited Beijing where they were received by Construction Minister Hou Jie.
The ministry's main concern was to establish comprehensive co-ordination for the sector within the framework of the economic development.
Association chairman Francis Lau Shiu-kwan said: 'The Chinese officials feel that after two years of macroeconomic controls on the real estate market, the market is now undergoing a reasonable level of control.
'They said there would be no more new strategies or measures to curb speculation.' Since July 1993, central authorities had introduced measures to curb property speculation, the most controversial being the real property gains tax.
Under the law, gains on property transactions are taxed at between 30 and 60 per cent, the lower rate applying to gains of 50 per cent.