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China's urban property prices rose 5.3% in February

(China Daily)
Updated: 2007-03-21 10:14

While stressing strengthened oversight and regulation of housing prices to cool down the sector, the premier also promised more fiscal and tax policy support to finance a sound system of low-rent housing and increase the availability of affordable housing.

Clearly, these measures, if properly implemented, will be crucial in improving housing conditions for low-income families.

However, as housing prices shrug off the government's tightening measures and keep surging, some local governments are dragging their feet on taking responsibility for expanding the supply of affordable housing.

For instance, a South China city's attempt to encourage enterprises to build low-priced housing for their employees shows failure of the local government to take responsibility. The approach is bad not only because it will not provide real low-income families with the affordable housing they need but also because it tends to worsen income disparity.

Admittedly, it takes time to increase the supply of affordable housing. Soaring housing prices only make it urgent for the government to focus more efforts on the task.

 

Chinese window cleaners rappel from a new property building in the central business district of Beijing March 20, 2007. China's urban property prices rose 5.3 percent in February from a year earlier, compared with a 5.6 percent rise in January, official figures showed on Monday. [Reuters]

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