Ministry vows to curb land market fluctuations

A major regulator of China's land supply on July 12 vowed to "resolutely" curb abnormal fluctuations in the real estate market, amid concerns that the strict property policy might ease and prices may pick up again.

The Ministry of Land and Resources said the overall real estate market in the first half of the year showed a downward trend, with land supply and prices dropping. The ministry said that high land transfer prices reemerged in specific areas but that it did not believe that factor would change the overall market situation.

In the first half, land supply dropped compared to the same period last year, and the growth rate in land prices has declined, it said.

Land bids with a premium price over 50 percent decreased to 24 cases from 433 cases a year earlier, it added.

The ministry also said it has increased land supply for residential purposes in the first half.

The ministry also vowed to regulate local government's land transfers.