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China to stabilize the property market

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2009-03-05 10:23

China will spend 43 billion yuan ($6.28 billion) in low-rent housing construction this year, Premier Wen Jiabao said in the work report at the opening meeting of the annual full session of the National People's Congress (NPC), China's top legislature.

And the government will promote the construction of common residential buildings and offer stronger credit to those small and medium-sized apartment with affordable price.

Wen added more vigorous and effective policies will be taken to stabilize the property market and keep real estate investment stable.