Senior officials condemn the housing bubble

Beijing's exorbitant housing prices have come under attack among deputies to the ongoing national legislative meeting, as senior officials opened fire on the bubble in the property market.

Du Deyin, a senior Beijing official and head of the Beijing's local legislative body, made a bold speech on Saturday questioning the local authorities' futile effort to control property prices. He implied Beijing's land resources and construction authorities are not doing their job.

"The cost for building an apartment is 3,000 yuan per sq m, but the average market price is 17,000 yuan. The difference is the soaring land prices," Du said, aiming his point at construction and economy planning officials also present at group discussions on the central government's annual work report.