Chinese Premier Wen says government will work to curb real estate speculation

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BEIJING, China - China's Premier Wen Jiabao has vowed to prevent an interest rate cut aimed at stimulating economic growth from igniting a new bout of real estate speculation that would push up housing costs.

State media reported Sunday that China's top economic official has ordered local officials to enforce rules aimed at cooling a surge in housing prices. Wen said Saturday people who try to evade the curbs should be punished.

Thursday's rate cut was the second in a month as the government tries to reverse the deepest economic slump since the 2008 global crisis. But it's also seeking to enforce controls aimed at cooling surging housing costs that have fueled political tensions.

The official Xinhua News Agency says home prices rose in June in major Chinese cities.

Organizations: Xinhua News Agency

Geographic location: China, BEIJING

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