Reported about 1 year ago
Internal Affairs Ministry officials noted that a few individuals are misusing government initiatives, with the New Ancestral Housing Policy being labeled as the culprit behind property speculation due to lack of comprehensive measures. While acknowledging the vibrant housing market, officials maintain a zero-tolerance stance on property speculation and pledge to enhance auditing. The policy aims to assist young first-time homebuyers in addressing living needs, but some are exploiting preferential loans. Continuous market monitoring and inspections are planned to address any irregularities. The Finance Ministry is coordinating with state-owned banks to strengthen loan oversight and curb behavior deviating from policy objectives to tackle housing speculation. Officials caution against solely blaming the policy for property speculation which has multiple influencing factors.
Source: YAHOO