Deflate property bubble

Headlines that proclaim sheer drops in Beijing's realty prices within just a month of the government's stiff action to cool the property market seem illusory at best. No policymaker is going to buy that.

The tough measure may have achieved initial success, but it has come nowhere near deflating the housing bubble. In essence, reports claiming home prices dropping by a third in one month certainly seem wide off the mark.

Property sales have indeed seen some decline in major cities since mid-April. Yet, official statistics indicate China's property prices still rose by a record 12.8 percent year-on-year last month despite the concerted push.