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 China Sends Officials to Enforce Real Estate Curbs |
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TooSimple
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头衔: 海归中校
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加入时间: 2006/03/19
文章: 115
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作者：TooSimple 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
By Matthew Brooker
Sept. 28 (Bloomberg) -- China plans to send officials to 11
provinces and major cities to enforce policies aimed at cooling
the real estate market, seeking to quell local resistance that has
blunted the impact of central government directives.
Teams of officials will be sent to the cities of Beijing and
Tianjin in the north after housing prices ``defied macro control
policies and continued to soar'' by as much as 20 percent this
year, the official Xinhua News Agency reported today.
President Hu Jintao is reasserting control over regional
authorities as the government seeks to prevent the world's
fastest-growing major economy overheating. The Communist Party on
Sept. 25 fired Shanghai Party Secretary Chen Liangyu for his role
in misuse of the city's pension fund, part of which was diverted
to real estate projects.
``The central government is demonstrating its power to cool
the property market as previous measures failed to take effect,''
said Charles Zhang, head of research at Colliers International in
Shanghai. ``We have seen investors flee to other markets as they
believe the government is serious this time.''
China's economy grew 11.3 percent in the second quarter, the
fastest pace in more than a decade, powered partly by accelerating
investment in real estate and factories. The government is
concerned that spending on property will lead to excess capacity
and rising bad loans, derailing the economy's expansion.
Shanghai Probe
Teams of officials will be sent from the ministries of
Construction, Land and Resources, the National Development and
Reform Commission and other central authorities, Xinhua reported.
Besides the cities, the provinces affected are Guangdong, Liaoning,
Inner Mongolia, Jiangsu, Jiangxi, Shandong, Hubei, Sichuan and
Shaanxi.
The Ministry of Construction has already sent its own six-
member team to Shanghai and seven other cities to investigate
local property markets, Xinhua reported. Ministry officials
arrived in Shanghai on Sept. 25, meeting with local officials and
residents, and touring property projects.
The Communist Party announced Shanghai party chief Chen's
sacking the same day, saying he was implicated in appropriating
social security funds for the benefit of relatives. Chen, 59, a
member of the ruling Politburo, is the highest-ranking party
official to be dismissed in more than a decade.
The pension-fund scandal, which prompted the central
government to send more than 100 investigators to Shanghai from
Beijing, became public on Aug. 11 when the official People's Daily
reported that Zhu Junyi had been fired as head of Shanghai social
security bureau for allegedly taking bribes and embezzling as much
as 3.2 billion yuan ($404 million).
Property Boom
Zhu is alleged to have channeled loans to privately owned
Fuxi Investment Holding Co. to fund the purchase of a highway
operator, in contravention of the fund's investment guidelines.
Shui On Land Co., controlled by Hong Kong billionaire Vincent Lo,
is among other companies that received money from the fund.
Shui On, which develops offices and apartments in China,
plans to repay early an 875 million yuan loan from the fund, Lo
said at a briefing in Hong Kong on Sept. 19. The company borrowed
the money legally via Shanghai Pudong Development Bank, he said in
a statement earlier.
Real estate has been a driving force for Shanghai's economy,
which expanded almost 60 percent in the three years through 2005
as property prices more than doubled. That's encouraged city
officials to resist the central government's attempts to slow
investment and deflate prices.
The Beijing-based tax regulator on July 27 ordered local
governments to start collecting a 20 percent capital-gains tax on
sales of second-hand homes. Sellers in Shanghai can pay as low as
1 percent of the total property value if they ``can't provide the
original price for the property,'' according to a local version of
the rule published on the Shanghai Real Estate Exchange.
Rising Prices
Property prices in Chinese cities continued to climb this
year, even as the government ordered banks to clamp down on
lending and imposed restrictions on foreign investment, stepping
up a campaign started in 2003.
Prices in the southern city of Shenzhen in Guangdong,
bordering Hong Kong, rose 12.9 percent from a year earlier in
August, while prices in Beijing jumped 9.9 percent, according to
the development commission, China's top economic planning agency.
The government is also concerned that surging prices are
putting property beyond the reach of ordinary buyers, threatening
social stability in the world's most populous nation. In Shanghai,
a 100-square-meter new apartment cost more than 30 times average
per capita disposable income last year.
Average prices in 70 Chinese cities surveyed rose 5.5 percent
in August, the development commission said on its Web site on Sept.
13. Shanghai was the only city where prices declined, with a 0.9
percent drop, according to the survey.
The International Monetary Fund said on Sept. 11 that failure
to control spending on real estate and factories could leave China
with overcapacity and rising bad loans.
作者：TooSimple 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 China Sends Officials to Enforce Real Estate Curbs -- TooSimple - (5451 Byte) 2006-9-29 周五, 01:49 (1291 reads)
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