A multi-layer housing system

China does need a multi-layer housing security system, says an editorial in Oriental Morning Post. The following is an excerpt:

A recent article by Xinhua News Agency pointed out that rising house prices show no sign of stopping in China.

According to a report by the National Bureau of Statistics and the National Development and Reform Commission, housing prices in 70 major Chinese cities were up a record 7.5 percent in July from the same month last year.