Wall Street Journal: China Set on Forcing Drop in Property Prices

BEIJING—A series of official comments in recent days have shown that the Chinese government remains committed to forcing down housing prices, despite worries about a weak global economy and complaints from property developers. The government's determination to keep cracking down on its frothy real-estate market is a political necessity. For the rest of the year, the government will "further implement measures to contain the overly rapid rise of housing prices in some cities, and curb speculative and investment demand for housing," said Mr. Zhang, the head of the National Development and Reform Commission. A range of official voices, including an advisor to the central bank, a banking regulator, and commentaries in state media, have agreed: Housing prices still need to come down.