Shanghai promises to rein in property market
Shanghai has created a new policy to rein in its booming property market as it blames this for the fall in foreign investment. "We must be fully aware of the task of controlling the property market and stand firm against a property bubble" said Shanghai Communist Party boss, Han Zheng. Shanghai officials believe that high property prices in the city centre are stopping workers from living there. A high-end flat can cost as as much as 100,000 yuan per square metre, this is much more than the average annual salary. However, Zheng has not yet said what measures the city would take in order to curb property prices.  

City plans cooling measures as expensive real estate drives away workers and provides stumbling block to its plans for expansion