China Urges Local Governments to Control Soaring Housing Prices
	2004-9-22 15:46:32 CRIENGLISH.com
	China's construction ministry has warned local authorities to curb soaring real estate prices amid warnings by some analysts that the market may be headed for a correction.
	The ministry urged local officials to boost the supply of low-cost housing, saying a shortage of affordable homes has left the market unbalanced and driven prices higher. Prices in major cities have risen much higher, faster, with the average housing price in Shanghai about twice of the national average. The central bank warned last month in a quarterly report that a change in policy was needed to prevent a speculative bubble that could lead to a collapse in prices and put further strain on the country's fragile banking system. Banks have also been told to cut back on lending for property development and other construction.