China to step up checks on local govt efforts to tame prices

SHANGHAI, May 20 (Reuters): China's housing ministry said that it would step up checks on local governments' efforts to rein in property prices, and will hold those who fail to do so accountable.

The undated statement on the Ministry of Housing and Urban-Rural Development's website warned against property market speculation.

It is the second time this month that the ministry has voiced concern about property prices. In early May, it told governments in 12 cities to rein in their fast-rising property prices and step up regulations.

Home prices in China's 70 major cities rose 0.5 per cent in April from the month before, up from a 0.4 per cent rise in March, Reuters calculated using National Bureau of Statistics (NBS) data published earlier this month.