Firm action is needed to curb rampant speculation in the property market, says an article in People's Daily. An excerpt follows:

　　It is reported that a group of 50 property investors from Wenzhou, an affluent city in East China's Zhejiang Province, recently scouted housing markets in Shanghai and Hangzhou, provincial capital of Zhejiang, placing an order for eight apartments within three days. Shanghai and Hangzhou are two cities famous for sky-high housing prices in recent years.

　　At the same time, another group of Wenzhou property investors bought 200 apartments in Nanjing, capital city of East China's Jiangsu Province.

　　At a time when the government is putting in place strict macroeconomic control measures to limit housing speculation, why are these Wenzhou speculators continuing to operate?

　　Soaring property prices in recent years have partly been caused by rising demand among urban dwellers, but have also be fuelled by speculation.

　　There is a powerful chain of interests that tend to sway the housing market.

　　Developers' interests are intricately connected to some local governments' economic performance, which officials use to score political points. That is why some local governments are reluctant to properly implement the central government's control measures.

　　Developers' interests are also clearly related to those of speculators and banks.

　　Some media outlets have a stake in shoring up the housing market as they can grab further advertising revenue from developers.

　　Clearly, these interested parties are reluctant to strictly adhere to central government rules.

　　If the housing industry, a pillar sector of the national economy, is to develop on a healthy track, the current macro control measures must be improved to ensure they are implemented.