Chinese cabinet urges tighter housing controls

China’s cabinet on Friday urged local governments to restrain excessive increases in housing prices by hiking down payments on mortgage rates on second homes, Reuters reported. Local governments must set price control targets for the first quarter, the State Council said in a statement on the central government website, http://www.gov.cn. Average home prices in China’s 100 largest cities rose for the ninth consecutive month in February, data published on Friday showed, reigniting concerns about property inflation and affordability. Speculation is rife about what China’s new leaders will do to control housing price increases once they assume their government positions at China’s annual parliamentary meeting on March 5.