“Chinese Premier Wen Jiabao called for local authorities to “decisively” curb real estate speculation and take steps to rein the property market after data showed prices surged the most in two years last month.
Cities that have witnessed “excessively fast” price gains should promptly impose home-purchase restrictions if they’ve not done so already, the central government said in a statement released after a meeting of the State Council headed by Wen. Provincial capitals and municipalities to report directly to the central government should also publish annual price control targets to keep new-home costs “basically stable,” according to the statement.
Shares of Chinese developers listed in Shanghai fell the most in more than six months yesterday on concerns the government would impose new measures to cool the real estate market. Home prices rose 1 percent last month from December, the most since January 2011, according to data from SouFun Holdings Ltd., the nation’s biggest property website.
China needs to maintain the “consistency and stability” in its property curbs because home supplies will remain tight in large cities as the nation’s urbanization accelerates, the government said in today’s statement….”
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