[photopress:real_estate_zeng_peiyan_1.jpg,full,alignright]Vice Premier Zeng Peiyan, shown here in our illustration, said the central government should continue to stabilize property prices in some cities and further improve low-cost rental housing conditions.
He made the remarks in a speech at a national conference on urban housing held in Beijing which was published on the website of the central government.
He said that the rapid growth in the property market has already had a negative impact in the public interest.
Earlier, the National Development and Reform Commission said that property prices in 70 major Chinese cities were up a record 7.5% year-on-year in July, compared to 7.1% in June.
Vice Premier Zeng said local governments should strive to offer adequate housing to low-income families, and stabilize housing prices to boost the healthy development of the real estate market.
Local governments should set aside funds for low-cost rental housing in their budgets, and at least 10% of the proceeds of land transfers should be used for the development of low-cost rental housing.
Meanwhile, he said, local proceeds from the public housing provident fund should be invested in building low-cost rental apartments.