December 16, 2016 / 10:01 AM / 3 years ago

China to strictly limit property speculation in 2017: Xinhua

Apartment blocks and villas (bottom) are pictured in Wuqing District of Tianjin, China September 10, 2016. REUTERS/Jason Lee

BEIJING (Reuters) - China will strictly limit credit flowing into speculative buying in the property market in 2017, top leaders said at an economic conference on Friday, as reported by the official Xinhua news agency.

“Houses are for people to live in, not for people to speculate,” Xinhua said, citing a statement issued by the leaders after the Central Economic Work Conference concluded.

“We must control credits in the macro sense,” they said in the statement.

China will also boost the supply of land for cities where housing prices face stiff upward pressure, they said.

China must quickly establish a long-term mechanism to restrain property bubbles and prevent price volatility in 2017, Xinhua said.

Top leaders began the conference on Wednesday to map out economic and reform plans. The annual event is keenly watched by investors for clues to policy priorities and economic targets in the year ahead.

Reporting by Beijing Monitoring Desk and Yawen Chen; Editing by Clarence Fernandez

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