REFILE-U Destination Management Companies in China PDATE 1-China considers steps to aid housing mkt -media
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REFILE-UPDATE 1-China considers steps to aid housing mkt -mediaPublished: 22 Feb 2009 23:35:38 PST
(Adds government source comments in paragraph 9)
SHANGHAI, Feb 23 - China is considering a packageof measures to provide long-term support for its residentialhousing market, including the scrapping of curbs on purchases ofsecond homes, official media reported on Monday.
The China Securities Journal quoted an unnamed, authoritativesource as saying the National Development and Reform Commission,the top economic planning agency, was now reviewing proposalssubmitted by the construction ministry.
The package would aim to increase demand for owners toimprove their homes, cut tax costs for people buying and sellinghomes, and help low-income people buy homes, the source said.
There are also proposals for the government to buy a smallamount of housing stock to help it prevent excessive pricefluctuations, and for steps to ensure home buyers and developersreceive ample long-term financing, the newspaper added.
Developers would be allowed to create real estate investmenttrusts (REITs) as soon as possible to bolster their funding,while rules restricting the amount of institutions' investment inproperty would be abolished or relaxed.
The newspaper did not say when the package might beintroduced.
The Shanghai Securities News quoted Cheng Siwei, aninfluential former lawmaker, as saying the government had placedresidential housing on its list of 10 major industries, whichwould receive policy assistance.
But it remains unclear what specific policies will resultfrom this, partly because authorities are still debating whethera policy package should focus on the property market's currentslump or its long-term development, the newspaper added.
Two government sources told Reuters on Monday that the StateCouncil, or cabinet, did not plan to include the property sectorin its list of industries to receive formal assistance packages.
Since last year the government has announced a range of stepsto aid the real estate market.
In December it cut business and transaction taxes for realestate sales, and said it would let people buy second homes onthe same preferential terms normally reserved for those buyingfirst homes, if floor space per person were lower than theaverage for the city where the homeowner lived.
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