Decision to protect developers' 'business secrets' draws fire
China's state media has slammed a decision by Guangdong's construction department to reject a local proposal to control soaring housing prices by requiring the authority to announce property costs.
In a report on Saturday, Xinhua hit out at the Guangdong Department of Construction's (GDDOC) rejection of a proposal from a local People's Congress deputy that the authority disclose the average costs of commercial houses to stop developers making excessive profits.
Housing prices in the mainland's key cities have surged in recent years, putting apartments out of financial reach for most people.
The proposal became a hot topic this February after Zhu Lieyu, a deputy to the Guangdong People's Congress, submitted the proposal. Mr Zhu also suggested the authority grant sales permits to developers after reviewing their cost reports and impose price caps.
According to local media, GDDOC officially rejected the suggestions last week, saying that announcing property costs could infringe on developers' business secrets and impair fair market competition.
