China's capital Beijing to strengthen regulations on property

China's capital Beijing to strengthen regulations on property
PHOTO: China's capital Beijing to strengthen regulations on property

BEIJING - Authorities in China's capital will strengthen oversight of the property market as they look to rein in surging prices and stabilise market expectations amid surging demand, the Beijing Housing Authority said.

The authority said in a statement late on Wednesday on its website that it would speed up construction of lower priced apartments and ensure an adequate supply of land to build 20,000 new homes by the end of 2013.

In a separate report, the official Xinhua news agency said that authorities would also increase scrutiny of mortgage applications and strengthen oversight of pre-sales of property.

Average home prices rose 16 percent in Beijing in September, the biggest rise in three years, data showed earlier this week, reigniting fears of a property bubble in China.

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