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China City Suspends Plans to Ease Property Controls

Reuters
Sunday, 12 Feb 2012 | 10:00 PM ET
AFP | Getty Images

China's third-tier city of Wuhu, in eastern Anhui province, has suspended a plan to ease property control restrictions, the Shanghai Securities News reported on Monday.

On Friday, it was reported that the city of Wuhu was examining a plan that would relax restrictions on the purchases of homes, easing limits on multiple home buyers and raising cash subsidies.

However, after news of the plan broke, experts and the media slammed the proposal. Wuhu's city government posted a notice on its website on Sunday saying that after receiving suggestions, the proposal has been put on hold.

Some economists had predicted that local governments would relax measures in the property sector even as the central government maintains its tightening stance this year.

China's Premier Wen Jiabao reiterated that the country will continue to stick to property cooling measures, the same newspaper reported on Monday.