China has no plans of easing its grip on property cooling measures, underscoring Beijing’s determination to lower prices further, according to an official.
“Our short-term target is on prices, but in the long run, we should focus on the whole property-related system,” said Xia Bin, an adviser from the People’s Bank of China.
Xia noted that stronger measures are needed, including long-term initiatives such as property tax.
Several officials also reiterated that Beijing is determined to bring property prices down to a reasonable level.
Meanwhile, Hong Kong Financial Secretary, John Tsang Chun-wah, said that property cooling measures in the city-state will stay in place, in contrast to the government’s more accommodating stance a week ago.
“The Hong Kong Monetary Authority (HKMA) has set out a series of measures to cool the property market and to prevent loans from growing too quickly, and these measures will continue,” he said.
He noted that it is crucial to maintain monetary and financial stability at a time of global economic uncertainty.
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