Arab Today, arab today wuhu scraps weekold housing policy
Last Updated : GMT 21:06:51
Arab Today, arab today
Arab Today, arab today

Wuhu scraps week-old housing policy

Arab Today, arab today

Arab Today, arab today Wuhu scraps week-old housing policy

Beijing - Xinhua

A third-tier city in eastern Anhui province has called an abrupt halt to a housing policy that was announced only last week. The move indicates the central government\'s determination to keep house-price inflation in check, analysts said. On Thursday, Wuhu government in Anhui province published a notice on \"further improving the living conditions of local residents\". In an obvious break from the State\'s tightening policies, the notice said home purchasers would receive subsidies for the whole year if their newly bought homes were less than 90 square meters in area. New homes with a gross floor area of between 70 sq m and 90 sq m would garner a subsidy of 50 yuan ($8) per sq m, while new homes less than or equal to 70 sq m would see a subsidy of 150 yuan per sq m. Furthermore, under the policy, buyers would also be exempt from paying the deed tax for home purchases. Although the local government denied that the policy was aimed at bailing out the ailing property market, the move triggered wild debate over whether the nation\'s tightening property policies will be reversed. However, just three days later, the Wuhu government announced on its website that the policy will \"be suspended because related supporting rules are being studied and improved\". \"The sudden halting of Wuhu\'s new policy is related to bad timing, especially after Premier Wen Jiabao recently reiterated the importance of cooling the property market,\" said Hui Jianqiang, research director of Beijing Zhongfangyanxie Technology Service Ltd, which provides information about the real estate market. The central government has two goals for the current round of property tightening. One is to return house prices to a reasonable level, and the other is to promote the long-term, steady and sound development of the property market, said the premier at a meeting of the State Council, China\'s cabinet, in early February. \"Wuhu\'s short-lived housing policy shows the central government\'s resolution to eliminate any possibility of pushing property prices higher,\" said Song Huiyong, a research director with Shanghai Centaline Property Consultants Ltd. \"Distributing subsidies to cope with inelastic demand in the local property market will undoubtedly fuel purchasing activity and indirectly jack up property prices,\" Song added. Wuhu is not the first city to attempt to slacken the home-purchase restrictions. In October, Foshan, a third-tier city in Guangdong province, became the nation\'s first city to allow families to buy an additional dwelling, and to make houses that have been owned for more than five years tradable. However, that policy was scrapped just 12 hours after it was announced. In 2009, China recorded land sales revenue of 1.59 trillion yuan, equal to 48.8 percent of local governments\' revenue over the same period, according to a report in the China Securities Journal. The figure reached 2.7 trillion yuan in 2010, or 66.5 percent of the local governments\' revenue as they became increasingly reliant on the revenue raised by land transactions, said the report. However, the central government\'s tightening policies on the property market are leading to lower prices for most players. Zhang Hongwei, research director at Shanghai Tongce Real Estate Co Ltd, expected that cash-strapped local governments may implement policies similar to those in Wuhu to loosen the restrictions on home purchases. In one example, Zhongshan in Guangdong raised its price ceiling for tradable residential properties from 5,800 yuan per sq m to 6,590 yuan per sq m in late January, becoming the first city in China to do so in the Year of the Dragon, the Xinhua News Agency reported on Monday. Of the 61 listed property companies tracked by Oriental Securities Co Ltd, only 10 saw their shares close higher on Monday. China Vanke Co Ltd, the nation\'s largest property developer by market value, dropped 1.91 percent to close at 7.70 yuan, and China Merchants Property Development Co Ltd fell 2.75 percent to close at 18.36 yuan.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today wuhu scraps weekold housing policy Arab Today, arab today wuhu scraps weekold housing policy

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Russia, Iran ink economic deals

GMT 08:03 2017 Wednesday ,29 March

Russia, Iran ink economic deals
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today Trump moves to roll back Obama climate measures

GMT 08:39 2017 Wednesday ,29 March

Trump moves to roll back Obama climate measures
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Mercedes, VW recall million vehicles in China

GMT 09:16 2017 Wednesday ,29 March

Mercedes, VW recall million vehicles in China
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Trump poised to roll back climate protections

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 11:55 2017 Wednesday ,29 March

Need ‘gymspiration?’ The top fun fitness bloggers

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 05:17 2017 Wednesday ,29 March

Samsung to sell refurbished Galaxy Note 7s

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday