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Financial institutions should cooperate with related authorities to maintain the steady and healthy development of China's property market, said a Wednesday meeting. Under the principle that "houses are for living in, not for speculation," these institutions should implement prudential management for real estate finance, said the meeting jointly held by the People's Bank of China and the China Banking and Insurance Regulatory Commission. Housing should never be used as a short-term stimulus for economic growth, the meeting said, calling for efforts to continue improving the financial policy for housing rental. Financial institutions should also safeguard the legitimate rights and interests of real estate consumers, said the meeting. The latest data showed that China continued to see its housing market ease in August under strengthened market regulations. New home prices in four first-tier cities -- Beijing, Shanghai, Shenzhen, and Guangzhou -- rose 0.3 percent month on month in August, representing a slower growth pace from the 0.4 percent seen in July, showed the National Bureau of Statistics. Enditem
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