Xi Jinping, Li Keqiang order housing cooling efforts

President Xi Jinping and Premier Li Keqiang are taking a more direct role in cooling the property market, according to the South China Morning Post. A government document revealed that Xi and Li recently took tough stances on the property market frenzy in major cities. Xi warned that first and second-tier cities must stay alert to property “bubbles.” Li said he was “worried that housing prices would get out of control” and warned that local officials who couldn’t bring home prices under control would be held accountable. Housing administration officials in two cities who were given the orders from the top confirmed that it was the strong messages from the top leaders that led local authorities to announce policies during the week-long National Day holiday to discourage property purchases.