China promises more effort to cool housing costs

(AP) Chinese leaders have ordered stricter enforcement of measures to cool politically sensitive housing costs and ordered local officials to build more low-cost homes.

Wednesday's order followed a scandal over a bank employee who amassed 45 properties in three cities, highlighting possibly widespread evasion of curbs on the number of homes one buyer can own.

A Cabinet statement told city and provincial leaders to create mechanisms to monitor prices and intervene if they rise too fast.

Soaring Chinese housing prices have made fortunes for some people but pushed home ownership out of reach of millions of families and fueled political tensions.