Source: CCTV.com

01-21-2008 11:13

Housing authorities in Beijing say they are making every effort to control price-rises in the real estate sector, and provide low-rent housing to low-income households.

Housing authorities in Beijing say they are making  every effort to control price-rises in the real estate  sector, and provide low-rent housing to low-income  households.(CCTV.com)

December saw average property prices across 70 Chinese large and medium-sized cities go up 10-and-a-half percent year-on-year.

The figure was even higher in Beijing up 17.5 percent. And authorities in the capital are tackling this.

On their agenda, is tighter macro control on the property market and land supplies, as well as more stringent lending policies.

The local government says it plans to spend 2.9 billion yuan to buy and build up to 500,000 square meters of housing in order to rent them out to low-income households.

Another 7-and-a-half million square meters will be set aside to build houses and flats that meet specific conditions and these will be sold to an equally specific range of buyers.

Editor:Zhang Pengfei