Political advisors discuss home market regulation

BEIJING - Chinese political advisors met on Thursday to discuss how to better regulate the country's real estate market, especially ways to rein in speculation in metropolises and reduce stocks in small cities, during a biweekly consultation meeting.

While acknowledging progress in stabilizing the property sector, members of the Chinese People's Political Consultative Conference (CPPCC) National Committee agreed that the situation has remained grim.

Members reiterated that "houses are built to be lived in, not for speculation," which was put forward in a tone-setting economic work conference of central authorities at the end of last year.

Governments should gradually wean themselves from their reliance on land sales to increase fiscal revenues, political advisors said, suggesting officials make more efforts to improve home supply, curb investment demand, and guarantee affordable housing.

Further reforms on taxation and fees, strengthened management of the rental market, better credit policies, and differentiated regulatory measures were also highlighted during the meeting.

Yu Zhengsheng, chairman of the CPPCC National Committee, presided over the session.

China's property market in major cities continued to stabilize after authorities implemented a string of measures to contain prices.

Of the 70 large and medium-sized cities surveyed, 30 cities witnessed slower price rises in April, up from 24 in March, said data from the National Bureau of Statistics.