The China Securities Journal said the government must reverse the accommodative monetary policy to control the property bubble and also tighten regulation to curb speculation.
The paper warned that fast rising house prices not only affects financial stability "but also affects the healthy operation of the economy and may even affect social stability".
RTT News reported Beijing has introduced a succession of measures in recent weeks designed to put the brakes on the property market, including mortgage stress-tests and stricter pre-sales practices. But probably more drastic action is needed.