Containing land prices
The harsher efforts promised by the Ministry of Land and Resources on Wednesday to prevent spikes in land price in the fourth quarter is a positive response to the latest round of price hikes across the country.
Given that rises in land prices usually trigger a new round of house price rises, such a commitment is desperately needed, especially at a time when China's property prices have witnessed a drastic surge in recent months, prompting concerns that prices will spiral out of control if the tendency remains unchecked.
The news came less than a month after developers paid record prices to purchase land in Beijing, Shanghai and other major cities, which further dampened the prospects of the latest round of government regulations curbing house prices.
