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China must curb property prices for social stability

BEIJING: Overly fast rises in housing prices, if not contained, could undermine social stability, Qi Ji, vice minister of housing and urban-rural development, said on Friday May 7.

Qi, who was speaking in an online interview on the government's main website (www.gov.cn), also said that the government had succeeded in curbing the trend of runaway property inflation in some cities.

China rolled out a slew of new steps in mid-April, including higher down payment and mortgage rates, to deflate the red-hot property market, because it is worried that excessive housing price rises in some cities could fuel inflation and social unrest.- Reuters
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