Shanghai maintains tight control over property market

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Shanghai will maintain its tough grip on the property market in the second quarter to reach its annual target of "stable while dipping" house prices and carry on with its value-added tax reform trial to keep the city's growth stable, Mayor Han Zheng said Monday, Shanghai Daily reported.

"We have achieved stable growth in the first quarter, but we face issues like the pressure of economic downturn, inflation and the difficulties confronting small to medium-sized businesses," Han said at a quarterly workshop attended by senior local officials.

Shanghai will not loosen its curbs on the property market and will maintain all existing policies, the newspaper reported Han as saying.