China considers reining in property prices in first-tier cities

Amid soaring prices in the real estate market in China’s first-tier cities, representatives of China’s National People's Congress and the Chinese Political Consultative Conference (NPC & CPPCC) have stated that it is crucial to start to rein in property prices in first-tier cities and to liquidate inventories in the real estate market in third- and fourth-tier cities in China.

In addition, Chen Zhenggao, minister at China’s Ministry of Housing and Urban-Rural Development (MOHURD), stated that China will increase the supply of land available for housing construction.