Guangzhou authorities want to control house prices

30 March 2007

Guangzhou, China, 30 March – The mayor of Guangzhou, Zhang Guangming, has approved a set of measures in an effort to slowdown the rise in house prices in the city, according to a report in Friday’s China Daily.

The average price of houses in Guangzhou has risen “very rapidly” since 2004 with the average price of an apartment reaching a record of US$964 per square meter in January.

During a working meeting, Zhang said that with the introduction of new the measures “we will be able to maintain house prices at a reasonable level so that people with average and low incomes can buy one.”

The new measures include the approval of more land for construction, construction of houses for low income families, the renewal of old urban communities, the revision of procedures for housing approval and informing the public of housing prices.

Zhang also said that the city would spend some US$192 million on building low rental houses for 5,600 families, which currently only have an average of 10 square meters per person.

By 2010 the city plans to build over 100,000 houses for 84,600 families with medium and low incomes. (macauhub)