China to 'firmly rein' in property speculation

BEIJING - The Chinese government will "firmly rein in" speculative and investment-driven housing demand and to promptly improve the accountability system for stabilizing housing prices, according to a government work report to be delivered to China' s top legislature on Tuesday.

According to the report, Wen will suggest that his succeeding government promptly improve policies for regulating the real estate market and strengthen mechanisms for sustaining its steady and sound development.

The government should continue to build and manage government-subsidized housing for the people so they have housing they are satisfied with, said the report.

This year, 4.7 million government-subsidized urban housing units should be basically completed, construction of another 6.3 million units should begin, and renovation of dilapidated rural houses should continue, it said.