On December 30, 2016 morning, Huang Qifan resigned from the position of mayor of Chongqing; on the same day, the Chongqing Real Estate Chamber of Commerce issued a proposal to the Chongqing Municipal Federation of Commerce on the full implementation of commercial housing sales pricing based on by building area. We believe that this matter is a policy challenge to the new leadership of Chongqing, if the real estate business in Chongqing successfully changes the situation, the efforts of the previous policy of housing prices is likely to be wasted. From the perspective of local finance, the suppression of housing prices will of course cause losses, but Chongqing is an industrial city and the property price cannot be too high. The current first-tier cities in China such as Beijing, Shanghai and Shenzhen are subjected to high property prices, and many industries cannot be maintained there. Chongqing has relatively low property prices, and that is actually to retain the space for urban economic development.
