China to continue property tightening in 2011

China will not relax curbs on property speculation in 2011 and will reinforce the implementation of measures to contain rising home prices, domestic media reported on December 29, citing Housing Minister Jiang Weixin.

Officials attending the ministry’s year-end work meeting admitted that “it remains an arduous task to curb overly fast property price rises in 2011,” Caijing magazine reported on its website,

The pledge, without outlining more details, is a repetition of recent vows by the country’s top leadership. Premier Wen Jiabao and Vice Premier Li Keqiang, acutely aware of public anger over unaffordable housing prices, said that they would not tolerate property inflation and speculation.

The world’s second-largest economy has so far rolled out a slew of measures to cool the red-hot real estate market, including higher mortgage rates and down payments. However, property prices have stayed stubbornly high.

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