China steps up regulation in the property market to avoid a bubble
Beijing — China will step up financial regulation and crack down on speculation in the property market to stabilise prices and fend off bubble risks, state television CCTV reported on Tuesday, signaling renewed efforts to rein in risks from a rapid build-up in debt in the economy. The remarks from regulators at the People’s Bank of China, the ministry of housing and urban-rural development and the ministry of land and resources, during a joint work meeting in central China’s Wuhan, laid out short-term tasks to be achieved in real estate, CCTV said. China’s housing market has seen a near two-year boom, giving the economy a major boost but stirring fears of a property bubble, with the government taking strong measures since late 2016 to curtail speculative purchases. Despite efforts by Chinese authorities to curb speculation in the housing market, property prices have continued to climb, although at a slower pace. New home prices rose at a slightly faster pace in October after gains h...
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