Beijing’s mayor has promised that house prices in the capital will not rise in 2017 in an attempt to ease concerns over the city’s property bubble.
Flatlining prices will delight residents paying the world’s most unaffordable rents, but dismay investors who had bought houses in a city where prices have risen more than 25 per cent this year.
“We must be firm in stamping out speculative investment [in property], increase the supply of residential housing, and guarantee that there will be no month-on-month increases in house prices,” the mayor Cai Qi told a government conference, according to state media reports yesterday.
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