PBOC’s Ma says China must act to contain housing market ‘bubble’

BEIJING: China should take steps to restrain bubble like expansion in housing markets and tame excessive financial inflows into property, according to a central bank economist.

“Measures should be taken to put a brake on the excessive bubble expansion in the property sector, and we should curb excessive financing into the real estate sector,” Ma Jun, chief economist of the People’s Bank of China’s research bureau, said in an interview with China Business News. A third of the financialsystem leverage added over the past decade has come from the surge of housing prices, Ma said.