Shanghai to tighten home price controls

Shanghai plans to introduce more measures to control real estate prices in China's financial hub, said the city's Communist Party chief Yu Zhengshen.

The municipality is planning to provide more low-cost homes, increase land supply and will introduce by the end of March a policy for the leasing of public housing, Yu said at a session of the annual parliamentary meetings.

Shanghai is also "currently studying measures to adjust demand", he said. Chinese Premier Wen Jiabao, at the opening of the National People's Congress on March 5, pledged to crack down on speculation in the real estate market after the nation's January property prices rose at the fastest pace in 21 months.

James Chanos, founder of hedge fund Kynikos Associates, has called China's property market a bubble poised to burst.

 

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