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Opinion: House pre-sale ban reconsidered
The Ministry of Construction's blunt denial of any attempt to abolish pre-sale of houses was a slap in the face for the central bank.
The Ministry of Construction is risking public criticism by once again choosing to side with developers, which have been blamed for the skyrocketing house prices of recent years. But by not rushing to endorse the central bank's untested remedy, the ministry may have done consumers a favour. Although only an unbinding policy recommendation, the central bank's suggestion, buried deep in its first industry-specific financial report, has led to bitter criticism from property developers. To rein in runaway prices, a government-orchestrated credit squeeze in place since early this year a part of the country's efforts to cool down sizzling economic growth has already forced many developers into a corner. A sudden change in the rules for housing sales that will turn the screws even further is more than most can bear. Ren Zhiqiang, a domestic real estate tycoon, spoke out in the press about the many technical as well as logical flaws in the central bank's report just a few days ago. While many were surprised by the businessman's seemingly desperate attempt at
self-help, the Ministry of Construction stepped in to the great relief of
developers, to the amazement of the central bank and the puzzlement of the
public.
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