Beijing strives to bring home prices down

Edited and translated by People's Daily Online

Beijing will continue controls over the property market in 2012 in order to consolidate the achievements already made and to bring housing prices down to a reasonable level, Beijing Mayor Guo Jinlong said at the Fifth Session of the 13th Beijing Municipal People's Congress on Jan. 12.

Beijing will continue to strictly curb speculative investment in the real estate sector this year to bring housing prices to a reasonable level.

Furthermore, the city will improve the urban individual housing information system, develop a long-term mechanism for promoting healthy development of the real estate sector, bring market forces into full play, and increase supplies of low- to medium-priced residential houses, in order to meet the needs of true homebuyers.

Beijing will also promote the construction of various affordable housing, and play the role of the city's affordable housing investment center to attract private funds.

The city plans to start construction on at least 160,000 affordable housing units this year, ensuring completion of 70,000 units and supporting facilities by the end of the year.