Nation to act to cool down property market
By Guan Xiaofeng (China Daily)Updated: 2006-11-16 09:30 The central government's next steps to cool the nation's overheated property market will be targeted at real estate enterprises, according to local media.
Investigations have been launched into more than 300 real estate projects in Beijing, China Business News quoted Li Wenjie, general manager of Beijing Centaline Real Estate Agency, as saying.
Li said that the central government took the step after previous financial measures to rein in soaring housing prices had little impact.
The investigation aims to crack down on malpractices by real estate enterprises, such as illegal acquisition of land and tax evasion.
Several governmental departments, including the Ministry of Construction, the Ministry of Land and Resources, the Ministry of Finance and the China Banking Regulatory Commission, will carry out investigations, Li said.
Beijing's municipal bureau of land and resources and bureau of construction did not confirm the news yesterday.
Zhu Zhongyi, chairman of China Real Estate Association, said supervision of real estate enterprises has always been part of the nation's efforts to regulate the industry.
According to a notice released by the Ministry of Finance earlier this month, 39 real estate enterprises have been caught concealing their profits.
The Beijing Municipal Bureau of Land and Resources announced on November 2
that it would investigate and punish at least 30 real estate projects that are
suspected of illegally occupying land by the end of the year.
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