SHANGHAI The Beijing municipal government will continue home-purchase restrictions this year to curb speculation and reduce prices, city mayor Guo Jinlong said Thursday.

WSJ: City of Beijing to Continue Property Curbs

The book, published by the Beijing Municipal Government's Capital Ethic Development Office, is part of the department's effort to make Beijing more "civilized, " officials said.

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For 2011, the Beijing Municipal Government decided to restrict the sales of new cars to 240, 000, against the 700, 000 new vehicles that were registered last year.

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"This is the only conglomerate under the control of the Beijing municipal government so that justifies a premium, but at the current level it's a bit expensive, " says Wilson Yung of Nikko Research Center in Hong Kong.

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Shanghai will raise the price ceiling on homes that qualify as "private ordinary homes" in a move that could spur sales, following a similar step by Beijing's municipal government in November.

WSJ: China Construction Starts Slowed in 2011