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China to rein in soaring housing price: Premier

(Xinhua)
Updated: 2007-03-05 09:20

Chinese Premier Wen Jiabao said Monday the Chinese government will work to control the overheated property sector and keep housing price at a reasonable level.

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"The real estate industry should focus on developing reasonably priced commercial housing for ordinary people," Wen said in a report on the work of the government at the opening meeting of the annual session of the National People's Congress, or parliament.

"We will improve the supply structure of commercial housing, and strengthen oversight and regulation of housing prices," he said.

According to the National Bureau of Statistics, the average price of the newly-built commercial residential buildings in 70 big and medium-sized cities nationwide rose 6.1 percent year on year in January, with that in Beijing climbing 9.9 percent.

The Ministry of Construction stipulated last year that the floor area of 70 percent of the newly-built commercial residential flats should below 90 square meters each in a bid to ensure more affordable housing for average citizens.