Affordable housing programs to cool down real estate
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Xu Shaoshi, minister of land and resources, said earlier this month that the rapid increase in land transaction fees suggested that China's urban development is becoming more dependent on land sales, which triggered an uneven distribution of interests and social conflicts.
Experts suggested that the central government should take the implementation of affordable housing plans into consideration when assessing local governments' performance, and further improve the legal system to enhance supervision over enforcement of housing projects.
In response to the central government's urgings, China's local governments have begun to unveil plans on low-cost housing this year. In the country's economic hub of Shanghai, where home prices rose 37.24 percent year on year last November, the government announced plans to build 15 million square meters of affordable homes.
The city government also promised that of all new homes to be built this year, 5 percent must be affordable.
