Wealthiest man tells how to rein in rocketing house prices

The Chinese mainland's richest man has called for the reduction of land prices and the scrapping of taxes and fees tied to real estate transactions, in order to rein in rocketing house prices.

Zong Qinghou, chairman of Hangzhou Wahaha Group Co, the country's largest beverage company, told China Daily that high property prices had become the most disruptive factor in society.

"Based on current house prices and average wages, young working people, especially in large cities, would never be able to afford to buy their own home," Zong said.