September 1, 2017 / 4:00 AM / in a year

China's property market is a major source of financial risk - official

BEIJING, Sept 1 (Reuters) - China’s property market has become a major source of financial risk, a central bank official said on Friday, according to China Finance, a publication under the People’s Bank of China (PBOC).

Xu Zhong, head of PBOC’s research bureau, wrote that authorities will maintain a tight control over property markets in first and second-tier cities, and suggested property market tax reform should be included in China’s broader tax reform considerations.

The central bank will maintain a prudent and neutral monetary policy, said Xu, but markets cannot expect that such policy alone can address China’s property market problems.

China should consider measures related to home mortgage loan growth to address property market price volatility, said Xu. (Reporting by Beijing Monitoring Desk)

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