China curbs hot real estate investment
(Xinhua)
Updated: 2005-12-26 16:33

China construction minister Wang Guangtao said that overheated investment in the country's real estate sector has been curbed this year.

Minister Wang made the remarks Monday at a meeting in the southern Chinese city of Nanjing, capital of Jiangsu province. He said that control over investment has been successfully tightened this year. The real estate sector saw an increase of 21 percent over the same period last year. This number marked a drop of seven percent compared to last year.

Wang pointed out that housing supply in the country is irrational, with insufficient lower priced smaller houses for lower income families.

The minister added that China will continue to adjust macro-policies relating to real estate development in a bid to put it on the right track for 2006.