Authorities vow to stabilize property prices after Beijing's key municipal organs move to sub-center

Source:Global Times Published: 2019/1/11 16:25:46

Offcials speak at a press breifing of China's State Council in Beijing on Friday. Photo: Li Xuanmin/GT

The development of Beijing's sub-center in Tongzhou district and the Xiongan New Area in North China's Hebei Province will move from planning to construction stage soon, yet along with the construction boom, housing prices in the two regions will not hike as they are "built for living, not for speculation," officials said on Friday.  

The comment comes after the four key municipal organs of Beijing officially moved to Tongzhou, and a flag-raising ceremony was held on Friday morning, marking that Tongzhou district in eastern Beijing has officially become the capital's new municipal administration center.

The construction of the sub-center and the new area - designed to be the two new "wings" of the capital - is entering a new phase this year, which is also the fifth year of the coordinated development for the Beijing-Tianjin-Hebei region, Lin Nianxiu, vice-chairman of the National Development and Reform Commission, said at the press briefing on Friday. "The work is now shifting from top-level design to the construction stage."

Lin said planning was most of the work officials did in the Xiongan New Area during the past five years, and construction will only start after each parcel of land has been well planned out. 

"Such preparation is to make sure that we could fasten the first button when dressed up and avoid making drastic mistakes."

As for the Tongzhou district, about 12,000 people from four key municipal organs including Beijing Municipal Committee of the Communist Party of China, the Standing Committee of the Beijing Municipal People's Congress and Beijing Municipal People's Government as well as 30 related departments, have already moved into the sub-center for work, Sui Zhenjiang, vice mayor of Beijing, also said at the news briefing. The relocation, along with a plan issued by the central government, is expected to speed up the construction of Tongzhou district to "a new height." 

But the expected construction boom has led to concerns that housing prices in Tongzhou and Xiongan would also peak to a new high in the near future. In response, officials stressed at the press briefing that houses are built for living, not speculation.

Sui also told the Global Times that housing prices need to be stabilized. As for whether the coordinated development between Tongzhou and neighboring counties in Hebei's Langfang would drive up the property prices, Sui stressed that the housing price in these regions will be regulated in line with the central government's policy and plan. 

Some Tongzhou residents also told the Global Times that housing prices in Tongzhou are quite stable over the last year. But they expect rental prices to rise in the near future on surging demand following large-scale inflow of industries and company employees.

Yu Jue, a resident who owns two apartments in Tongzhou, told the Global Times on Friday that the number of civil servants who enquired with her for renting out the apartments has risen recently.   

"Maybe I could raise the rent for several hundred yuan after Spring Festival," Yu said. She currently rents an 80-square-meter apartment for 6,000 yuan ($889), which she said is "relatively low" compared with the price in downtown Beijing. 


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