A nationwide property inspection will be conducted in China as part of the government’s implementation of property measures, according to The China Daily.
The “large-scale” property checks will focus on local government’s efforts to ensure affordable housing, guarantee ample land supply and cleanup of idle land sites. The Ministry of Land and Resources and the Ministry of Housing and Urban-Rural Development will carry out the inspections, said the report.
“The government wants to check out the market before setting up next year’s real-estate plans,” said Liu Kun, a real estate analyst at Shenzhen-based Great Wall Securities Co. “The construction of low-income affordable homes to increase supply will be the government’s focus in the future.”
China is cracking down on land hoarding after soaring land prices fuelled the risk of a property bubble. The central government last month raised interest rates for the first time since 2007, and it suspended home loans for third home purchases. It also pledged to speed up trials on property tax cases to limit foreign capital and curb property prices.
Mr. Liu said the Chinese government conducts property and land checks on a regular basis, though they are not often carried out by the Housing and Land Ministries.
China had announced on September 27 that it will bar developers that have held land sites for over a year without developing it from acquiring additional plots, seeking a “reasonable” correction in the country’s housing prices.
As of end may, China has 3,070 cases of land misuse nationwide, with 2,815 of them involving undeveloped land sites, said Liao Yonglin, land-use director of the Land Ministry.