Real estate market cools down in Shanghai on government moves

SHANGHAI - The latest central government measures to cool the property market have caused many prospective buyers in China's business hub to adopt a wait-and-see attitude.

Although the measures announced late on Thursday evening were within the expectations of many analysts, they point to the deep concern of economic planners about public objections to escalating property prices.

"The government has sent a message to the market that it is serious about clamping down on excessive speculation," said Xue Jianxiong, a senior analyst at E-House China, a property agent.