China battles rising house prices

Government pledges more low-cost homes as property speculation drives up prices.

    China's leaders are trying to rein-in a surge in property prices [GALLO/GETTY]
    In Beijing housing prices rose 9.9 per cent over the year to January, while prices in 70 other Chinese cities rose an average of 5.6 per cent, the China Daily said, citing China's National Reform and Development Commission.
    While China's economic boom has made some Chinese very wealthy, many millions more feel they are being left behind by the country's rapid development.

    The government wants developers to build
    more low-cost housing [GALLO/GETTY]

    Worried about the potential unrest that the disparity might cause, Chinese leaders have recently been urging officials to focus on the needs of the country's poor.
    Zeng promised to put more real estate up for sale and boost both the quantity and quality of housing available to low-income families.
    He also said the government would continue to intervene in the property market in an effort to cool prices and rampant land speculation.
    The authorities in Beijing plan to build 10 million square metres of low-cost housing over the next three years, the China Daily said.

    SOURCE: Agencies


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