China to limit land for development in cities with large property inventories: State TV

Commercial and residential buildings stand in Beijing, China.
Commercial and residential buildings stand in Beijing, China. PHOTO: BLOOMBERG

BEIJING (REUTERS) - China's land ministry will reduce or stop issuing land for development of residential housing projects in cities and other areas where there is a property supply glut, state television reported on Sunday (Feb 21), citing details from a ministry meeting.

The ministry will increase land allocations in cities which have allowed migrant workers to purchase urban homes, the state broadcaster reported, referring to a measure which has been introduced to help reduce oversupply in the housing market.

China has issued a series of measures designed to boost the housing market and boost the economy.

On Friday (Feb 19), it said it would will lower transaction taxes for second-time home buyers and some first home buyers in many cities and earlier this month, policymakers announced a reduction in the minimum down payment required for first- and second-time home buyers in most cities.