Money

Shanghai mayor says property prices `very high,' curbs needed

(Agencies)
Updated: 2010-10-11 10:36

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Shanghai prices are "very high" and excessive investment and speculation activities in the property market have "seriously distorted" the fundamentals of the housing market, said Han Zheng, the city's mayor, at a press conference on Sunday.

The Shanghai government will follow the central government's guidelines to curb property prices and the city needs to introduce more targeted measures for the local market, he said.