China's central government will announce new measures to cool the hot property market during the first half of this year, said Yu Yuanmu, vice mayor of Chongqing. Yu said that the regulations will help control rising prices but he declined to give details.

The vice mayor said, however, that he did not expect the measures to have a major impact on cities such as Chongqing in southwest China.

'All government departments are fully prepared to give full support to foreign and domestic investors,' the vice mayor said.

China has already implemented a number of measures to keep real estate prices from rising much further. It has said it will start taxing real estate sales at a higher rate and it is believed to be considering a tax on real estate values, at least on a trial basis, in some major cities such as Beijing and Shanghai.

While prices have risen dramatically in some of the big eastern cities, prices have not increased to the same extent in the nation's interior.

Chongqing, which is home to some 30 mln people, has a 'steady and healthy growth due to the government's macro-economic policies,' Yu said. 'Affordable housing accounts for 50 pct of total sales,' he said.

The vice mayor stated that Chongqing expects its population to grow by another 10 mln by 2020. 'Future prospects for development are extremely bright,' he said

Source:未知