Beijing will increase controls on the property market to maintain stable home prices in 2017, said a statement issued after a plenary session of the Beijing Municipal Committee of the Communist Party of China on Saturday.

Housing prices in the capital are already too high, said the statement, and ensuing increased social tension brings enormous challenges to sustainable development, harmony and stability in the city.

The city will act against speculation and increase land available for building.

On Sept. 30, Beijing announced higher downpayments on property purchases and more than a dozen cities have followed suit and tightened purchase restrictions.

At the Central Economic Work Conference this month, policymakers highlighted the need to deal with asset bubbles next year.

Source: Xinhua