China orders steps aimed at property market stability

China ordered vigilance against foreign "hot money" flows and speculative real estate investment on Sunday in its latest expression of concern over a surging property market.
The order issued by the State Council, or Cabinet, called on authorities nationwide to take a range of measures to "promote the stable and healthy development of the real estate market".
Property prices have soared recently, bolstered by easy bank loans, tax breaks, and lower down-payments introduced by the government last year to support the real estate sector amid an economic slowdown.
The price gains have raised fears of a property bubble.
"Relevant departments need to strengthen inspection and control of credit and capital flows, cross-border investment and financing activities...to prevent foreign inflows of 'hot money' from impacting China's property market," the statement said.