Reported in the China Times (via MNI):
- Hangzhou officials have moved to stop developers cutting prices more than 15%
- An official argues the controls (in place since September 2010) were initially imposed to control surging prices but, now that the market is turning down, buyers should understand the government is trying to stabilize the market
- Said that if prices fall too much, the economy gets hurt
- Developers complain that the price controls are stopping them from clearing inventory and getting much-needed funds, and that this risks breaking funding chains
