State Council sets tone for year's property market

Premier Wen Jiabao says the government will maintain property price controls, amid signs of a rebound in real estate prices. On Wednesday, the State Council issued five measures to control the market.

The measures call for completing a system of responsibility for stabilizing prices, firmly restraining investment demand, expanding ordinary commodity housing units, accelerating construction of low-income housing, and strengthening market supervision.

The State Council reiterated the need for limited purchasing quota and limited credit policy. Cities that do have such restrictions will be included, if authorities determine that prices in the given market are rising at an unacceptable pace. The State Council also emphasized the extension of the property tax pilot.