Business leaders yesterday voiced support for the government’s latest efforts to rein in the overheating property market by tightening credit.
The comments came after the central bank said it was considering selectively restricting credit to curb property speculation and prevent inflated property prices.
“It is reasonable to rein in rocketing property prices ... A spike in housing prices, especially only in certain areas, will hurt the industry,” Preston Chen (陳武雄), chairman of the Chinese National Federation of Industries (全國工業總會), said at an annual spring gathering of the nation’s six major industrial associations.
Chen said it was unthinkable that housing prices in the Greater Taipei area had soared to levels that salaried workers could not afford, while prices in central and southern Taiwan were still several times lower.
Chang Ping-chao (張平沼), chairman of the General Chamber of Commerce (全國商業總會), supported the government’s efforts to slow down the sharp run-up in property prices but said such measures must not undercut the nation’s economic recovery, as the property market usually plays a key role in driving the economy.
The government should help divert the excess funds to investments outside the property market, Chang said.
Evertrust Rehouse general manager Yeh Ling-chi (葉凌棋) said that the central bank’s monetary policy was correct as the housing market outside Taipei City was still stable. He said the central bank was not likely to raise interest rates until the third quarter.
But Yeh had reservations about Council for Economic Planning and Development Chairman Tsai Hsun-hsiung’s (蔡勳雄) call for a higher tax on properties not bought for one’s own use.
“If I bought a house for my son to live outside where my household is registered, would that be considered as ‘not for own use’ property?” Yeh asked. “The government must define clearly what this means to prevent public discontent.”
Meanwhile, Chang Chin-oh (張金鶚), land economics professor at National Chengchi University, said interest rate hikes are a global trend and the central bank would raise policy rates gradually, as the economy has shown signs of recovery.
However, he said the central bank should not rely solely on raising interest rates to rein in property prices.
However, “the central bank should also take measures to examine mortgage loans to particular house shoppers, or to lower the loan-to-value ratios for property investors purchasing more than three houses at a time,” he said.
But he said the central bank should not rely solely on raising interest rates to rein in property prices.
“The central bank should also take measures to examine mortgage loans to particular house shoppers, or to lower the loan-to-value ratios for property investors purchasing more than three houses at a time,” he said.
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