China plans more affordable housing, reiterates property controls (3)

Runaway real estate prices have been a significant source of public complaint in recent years, forcing the government to implement a string of policies like bans on third-home purchases and property tax trials to keep prices down since early 2010.

However, the property market has shown signs of warming in recent months, after the central bank twice cut interest rates and banks' reserve requirement ratio to buoy the economy earlier this year.

In November, 53 out of a statistical pool of 70 major cities recorded higher new home prices than a month earlier, according to the National Bureau of Statistics. This was up from 35 in October.

Jiang vowed to keep a vigilant eye on the market, saying local officials will be held responsible if home prices go up too fast because of relaxed property controls.

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