Remedies for real estate prices in need of oversight committee

The central government has taken the soaring real estate prices seriously. To provide people with more affordable housing, stabilize the realty market and solve the existing and potential problems in the sector, the government has taken five measures. They are: Increasing supply of low-cost houses for low-income families, encouraging reasonable house buying while restraining purchase for speculation and investment, strengthening real estate project loan risk management and market supervision, expediting the construction of protected homes, and specifying responsibilities of local governments.

But are these measures enough to tackle the problems of the property market? Or, should more be done?

Local officials, financial institutions and property developers have formed an "unholy alliance" in the realty sector. They maneuver within the system to exploit it. Most of the time they get what they want, ending up with huge profits. They complement each other in unscrupulous deals and thus hamper the stability of the real estate sector.