Go Finance Reporting in Shanghai - The Chinese government will stop the excessive housing products after the publication of national property index in that country continued to strengthen and make the anger of their citizens.
In addition, China also plans to replace the benchmark index of properties with two new indicators. Anticipate the upward trend in housing prices, China's National Statistics Bureau (NBS) has summarized the two new index to measure a second home sales that began in January.
According to NBS, the new index will replace the previous indices are routinely released every month. The index includes indicators of housing prices in 70 major cities.
"The first data on which the new system of measurement harag home will be released on Friday (today)," NBS said, quoted by AFP on Thursday (02/17/2011).
This announcement just a few days ago after the government earlier this week released the consumer price index is an indicator of inflation.
But the plan was considered by economists as a diversion of attention and only temporary. Economics professor from the China-Europe International Business School Xu Xiaonian states, new housing index is like a thermometer scale change that would be used to heat ill patients.
"Users thermometer will then say that their patients no longer need to take medicine for fever. The result is then responded well by the family that the illness (heat) had healed," Xu said in his blog.
In fact, the NBS claims, housing sales data methodology will help consumers and policy makers better understand the changes in prices in their cities. The new method aims to describe the differences in regional conditions because the data comes from local governments and real estate agents rather than sample surveys.
Earlier, China's national property price index has been criticized for the level of asset bubbles shrink in the big city. Last December, the property price index rose 6.4 percent, although Beijing has melalkukan various measures to reduce speculation and price controls.
One of them by raising the amount of advance payment is higher and prohibit the purchase of second homes and third in some cities. (GoFinance)
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