Source:

03-13-2006 11:48

China will issue new regulations this month to restrict the development of luxury properties. That's according Minister of Construction, Wang Guangtao.

In a government report, the Ministry of Construction said it would adjust the supply of real estate, and focus on the construction of standard and budget homes. It will also conduct investigations to ensure that local government departments have implemented the policy. Meanwhile, the Ministry of Land and resources said it would better manage land usage, especially in protecting cultivated land. China is likely to continue to experience rapid urbanization and industrialization over the next five years, making the regulation of land use a key issue.

 

Editor:Wang Ping