Chinese Premier vows to curb excessive growth of home prices

BEIJING - Chinese Premier Wen Jiabao on Friday reiterated determination to curb excessive growth of home prices in major cities and satisfy people's basic need for housing as the annual session of China's top legislature opens.

He made the pledge while delivering a government work report to the Third Session of the 11th National People's Congress(NPC).

Wen vowed to "resolutely curb soaring housing prices" and crack down on such acts as "keeping land unused, property hoarding and price rigging."

China saw a sharp residential property price hike nationwide in the past year, triggering heated public complaints and fears of possible assets bubble. >>Full Coverage: 2010 NPC & CPPCC

China overtakes US as top property mart

China overtook the United States as the world's biggest property investment market last year and will probably keep the lead in 2010 on economic growth and a lower reliance on debt, Cushman & Wakefield LLP said.