BEIJING - China will stick to property cooling measures, especially the differentiated credit and tax policies, as well as restrictions on buying second or third homes in some cities, said a government official on Tuesday.
The country's property market is currently developing in the direction envisaged by the macro adjustment and control policies, with home prices declining in some cities since last year, said an official of the Ministry of Housing and Urban-Rural Development.
"In the first five months, the property market extended a tightening-induced correction," said the anonymous official, adding the ministry would require relevant city governments to rigorously implement cooling policies to contain speculative purchases.
He also said the authorities will take measures to increase market supplies, properly handle disputes caused by price declines and increase affordable housing for low-income earners.
The government plans to build more than 7 million affordable houses this year.
China started adopting tough measures to cool property prices in 2010. They have included tighter lending policies, higher down payments, a ban on third-home purchases, property tax trials and the construction of low-income housing.
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