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Measures proposed to help property firms

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2008-12-11 16:28

Top management in the China Real Estate Association has said that a proposal has been submitted to the National Development and Reform Commission (NDRC) calling for more favorable policies to help property firms shrug off the plight of the economic crisis.

"We have put forward some suggestions to the top economic planner (NDRC)," Zhu Zhongyi, vice-chairman of China Real Estate Association told China Daily.

Proposed measures include reducing the income tax for real estate firms, encouraging banks to finance quality property projects and urging local governments to buy common residential buildings to house low-income families.

"The proposal is not really aimed to 'save' the sluggish property market, but to fight against the country's sliding economy amid the worsening global financial turmoil," said Qin Xiaomei, research chief at CB Richard Ellis' Beijing branch.

Frustrated by plummeting exports, China must rely more on investment and domestic demand, the other two engines powering economic growth.

Property investment usually accounts for 25 percent of overall investment. In some cities, this proportion can even exceed 50 percent.