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Ministries probe into property market

(newsphoto)
Updated: 2007-06-18 11:29

A sculpture in front of a building in Shanghai June 9. Eight ministries and departments including the Ministry of Construction launched a joint effort ahead of the schedule to probe into the market in the wake of surging house price in May. They will target cities with accelerated property price growth to figure out the reason behind the price hike.

Property prices in 70 of China's large and medium-sized cities in May rose 6.4 percent from a year earlier, faster than the 5.4 percent growth rate in April, the National Development and Reform Commission said in a statement on its Web site. [newsphoto]