Shanghai Real Estate News

SHANGHAI (Dow Jones)--Beijing's municipal government said Wednesday it is targeting a moderate fall in prices of new residential property this year from last year.

The municipal government added in a statement it will boost efforts to safeguard the public housing sector.

China's housing ministry has told local governments to set property price control targets by the end of the first quarter as part of efforts to fulfil the State Council's measures to cool the country's real-estate sector.