China to see more property curbs

The recent policies on China's property market, ranging from tax hike to purchase limits, have raised hot debate throughout the country. The Minister of Housing and Urban-Rural Development, Jiang Weixin, says it's impossible for regulations to benefit everybody, but they aim to address the needs of the majority in the long term.

He says China would create more public housing, and rein in home prices. China's State Council introduced stricter rules on the housing market late last week, including a 20 percent capital gains tax, and increased mortgage down payments.