Hu calls for efforts to rein in economic boom
(AP)
Updated: 2006-07-25 09:16
Xinhua said the party meeting in October will focus on building a "harmonious
country" - a reference to official efforts to ease tensions over China's growing
wealth gap between regions and social classes.
Hu called for officials to "resolve issues that seriously concern the
people and the masses," such as improving access to schools and doctors, the reports
said.
Earlier Monday, the government announced new proposed rules to limit foreign
investment in real estate in an effort to cool off the building boom.
Foreigners would face "restrictions on residential property purchases,"
Xinhua said, without giving details. It said developers would be required to
invest more of their own money in projects to reduce heavy borrowing.
The rules are meant to "improve
the efficiency of using foreign investment," Xinhua said. It didn't say when
they would take effect.
Investment from Hong Kong and other sources outside the Chinese mainland has
poured into real estate.
Foreign investment in real estate rose 27.9 percent in the first six months
of the year, compared with the same period of 2005, Xinhua said, without giving
the total amount invested.
Investors apparently hope to profit from rising prices and an
anticipated rise in China's currency, the yuan, which would push up the value of
assets in foreign currency terms.
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