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Official says no added RE stimulus planned for now

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2009-03-04 16:27

China's central government has no plan to launch more real estate stimulus policies in the short term, Qi Ji, vice minister of housing and urban-rural development, said on CCTV Wednesday.

Related readings:  Chinese developers face default risks this year  Beijing's housing market gets warmer in Feb  Authorities work on low-income housing plan  Minister: More stimulus plans in the pipelines

After a recent investigation covering major cities, the government found that the effect of previous policies is now emerging, and there is no need to release more policies now, Qi said.

"The property sales in a number of cities are gradually climbing, and the price in some cities even saw a growth on a yearly basis," said Qi.

However, property developers are still expecting more policies from the central government.

Huang Wenzai, chairman of Guangzhou-based Hongyu Group, told reporters on the sidelines of the annual sessions of the Chinese People's Political Consultative Conference (CPPCC), that the industry still needs a long-term planning scheme.