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China to tighten financial regulations to prevent risk of property bubble

Regulators in China plan to adopt tighter financial rules to prevent bubble risks in the country's property market, Reuters reported, citing China Central Television, or CCTV.

During a joint work meeting in central China's Wuhan, regulators at the People's Bank of China, the Ministry of Housing and Urban-Rural Development and the Ministry of Land and Resources said that they would block illegal funds from moving into the property market and ensure balanced capital allocation between real estate and other sectors, according to CCTV.

The regulators also plan to curb housing market speculation to stabilize prices and work to improve land market management to hinder high land prices from driving property prices higher, CCTV added.

The renewed crackdown comes amid a continued rise in property prices in China, albeit at a slower pace, with new home prices increasing slightly faster in October after steady gains in September, according to the report.