China to inspect local property regulation

BEIJING -- China's State Council said Tuesday that the country will send eight teams later this month to inspect the implementation of property regulation policies by local authorities.

The move aims to "further ensure that the property regulation measures are implemented, speculative housing demand is curbed, and to strengthen the effects of the property regulation measures," the State Council said in a statement.

The teams will go to 16 cities and provinces, to inspect how well the housing purchasing limit policies and differential credit policy have been carried out, and check the supply and management of residential land and the implementation of tax policies, it said.

The municipalities and provinces include Beijing, Tianjin, Shanghai, Chongqing, Hebei, Jiangsu, Zhejiang and Fujian.

The inspection teams will urge regions, where the property regulation measures are not strictly followed, to make rectifications, the statement said.

The announcement came after the country's property market has shown signs of warming following the government's efforts to stimulate the slowing economy in recent months.

In June, more major Chinese cities saw home prices rise from May, according to government statistics. It was also the first time since September 2011 for the number of cities with price increases to exceed the number of cities that experienced drops, although the rises in the 25 cities were all less than 0.6 percent.

China's economy grew 7.6 percent in the second quarter, the lowest level in more than three years, sparking speculation that the central government might ease property curbs to shore up growth.

However, central government officials have repeatedly stated that the property regulation measures will be kept in place to prevent a rebound in housing prices.