Property Market Regulation to Continue

China will continue to regulate the real estate market to bring down property prices to a reasonable level, according to a government work report distributed to media before the opening of the annual session of the national legislature.

"We will strictly implement and gradually improve policies and measures for discouraging speculative or investment-driven housing demand, build on progress made in regulating the real estate market," reads the report to be delivered by Premier Wen Jiabao at the Fifth Session of the 11th National People's Congress (NPC).

The government will also work to develop low-income housing, aiming to basically complete 5 million units and start construction on over 7 million units, ensuring they are built to a high standard, says the report.