Beijing completes land supply target for 2017

BEIJING - Beijing met its land supply target for 2017 for residential houses, according to the Beijing Municipal Commission of Urban Planning and Land and Resources Management.

In 2017, Beijing supplied a total of 721 hectares of construction land for residential housing, including 207 hectares of land for joint ownership housing, the commission said Tuesday.

Of the land used for joint ownership housing, about 157 hectares was in urban areas and new towns on the outskirts of the capital city.

Since March, Beijing has introduced a spate of measures including higher down payments, higher mortgage rates and tougher purchase restrictions as well as joint property rights housing to cool down the housing market.

In April, Beijing announced plans to supply 6,000 hectares of land by 2021 in a bid to meet the market demand of 1.5 million units of residential houses.