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Shanghai will overhaul its booming real estate market to control the rapid housing price hikes and provide more affordable houses.
City mayor Han Zheng told a business forum that the abrupt ups and downs in house trading will possibly put the interests of investors, consumers and citizens in peril.
The city will take several measures against this unhealthy trend, including building more affordable housing, introducing more transparency, banning speculation on houses and establishing an early warning system.
(CRI December 5, 2003)
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