May 10, 2018 / 5:01 AM / 11 days ago

China says property control policies will not be changed or loosened

BEIJING, May 10 (Reuters) - China’s housing authority has reiterated that policies to control home prices and prevent speculative investment in the property market will not be changed or loosened, the official Xinhua news agency said.

Officials from the Ministry of Housing and Urban and Rural Development made the comments in talks with officials from the cities of Taiyuan and Chengdu on Wednesday, Xinhua said.

The housing authority said it would “earnestly implement” plans to stabilise home prices and rents, speed up the formulation of a residential housing development plan and increase land supply in a targeted way.

It also said that cities should build more small, ordinary homes.

Chinese authorities are in a multi-year battle to deflate a housing bubble without dealing a blow to one of the economy’s major growth drivers.

But home prices in most cities continue to rise, though sales growth has slowed.

New home prices rose for their 35th consecutive month in March, with more cities reporting growth as governments supported demand from first-time buyers and despite persistent curbs to dampen speculation.

Reporting by Elias Glenn; Editing by Kim Coghill

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