China to stabilise land prices through stiff regulation
The People's Bank of China and the country's regulators have agreed on a series of measures aimed at ensuring the housing market does not heat up, following President Xi Jinping's recent statement that "housing is for living in, not for speculation". According to Chinese state television, capital flow will be balanced between real estate and other sectors, and the land market would be subject to greater scrutiny to prevent a rise in prices. Province leaders were also warned to enforce regulations governing building and lending restrictions.
A man walks in front of advertisements for residential property in the glass facade of a real estate agency in Guangzhou, Guangdong province of China.

Chinese authorities have said they will head off the risk of a property market crash by stiffening regulation and preventing high land prices.

Regulators from land and housing ministries, as well as the Peoples Bank of China (PBOC), have agreed plans to curb speculation in bricks and mortar, Reuters reported, citing comments on Chinese state television (CCTV).

The authorities said they would stop funds being illegally funneled into property and that capital flow would be more forcibly balanced between real estate and other industries.

CCTV also reported that there would be greater scrutiny of the land market to prevent the underlying cost from pushing up property prices.