BEIJING (Reuters) - China is worried that a property bubble could destabilize its booming economy and has announced a series of measures to cool its hot real estate sector.
The government initially focused on curbing land supply in mid-2003, but this only pushed up prices. So it then switched the focus to cooling demand.
Following are some of the steps taken to date to cool the economy and property sector.
June 18, 2007 - China's banking regulator says it has punished the branches of eight banks for extending loans that were illicitly used for property and stock market investments
June 11 - China's commerce ministry issues new rules making it harder for foreigners to invest in property, partly by making them obtain land use rights before developing projects.
Existing foreign-funded firms also need to seek additional approvals to launch new development schemes
May 18 - China's central bank says it will raise both interest rates and bank reserve requirements
April 29 - Central bank raises bank reserve requirements
April 5 - Central bank raises bank reserve requirements
March 23 - The construction ministry says it will check whether local governments are implementing measures aimed at cooling the market and errant officials will be held accountable
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