Hot property market worries Beijing

Worried the soaring home prices may spark social unrest, China's State Council told officials at all levels in a published circular they are responsible for keeping China's property market from overheating in the interest of "financial safety and social stability," the Wall Street Journal reported. Issued at a time when Beijing is concerned about China's banking system and the broader economy, the document served as a warning to local leaders who have used the property market to manufacture economic growth.