China unveiled new rules yesterday to curb land hoarding by developers, its latest efforts to pop a feared speculative bubble in the nation’s soaring real estate sector.
Developers will be banned from bidding for more properties if they have lands idle for more than a year, illegally transferred lands, or developed land in breach of agreements, two Chinese ministries said.
Local governments must give priority to land development projects centered on affordable homes, the Ministry of Land and Resources and the Ministry of Housing and Urban-Rural Development said in a joint statement.
They reiterated that at least 70 percent of land supplies should be set aside for public housing or smaller apartments. Local authorities that fail to meet the target will be barred from offering land for luxury housing, the statement said.
Beijing has imposed a range of measures since April, including higher down-payment requirements and mortgage rates, to prevent the real-estate sector from overheating and causing a bubble that analysts say could derail the economy.
Transactions were relatively muted due to these measures until the middle of last month, but analysts have warned the surge in transaction volumes in recent weeks suggests there may have been a renewed increase in speculation.
China Vanke, the nation’s largest property developer by market value, fell 3.80 percent on the news in early trade yesterday before rebounding 0.6 percent to 8.20 yuan.
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