The deadline is quickly approaching for Chinese cities to set their property price curbing targets, as required by the Central Government.

Some cities have rolled out targets in the range of 10 to 15 percent while others have linked theirs to GDP or other economic indicators. But here's a first. Beijing says it plans to gradually "lower" property prices in the capital city. It's the first to actually set a target that aims to cool the property market.

Beijing Municipal Government says it will ensure that prices of new homes will gradually decrease this year from 2010.

It also vowed to beef up the supply of affordable housing and public rental homes.

The words "stable" and "lower" highlight the capital city's announcement.

Beijing says it will maintain an abundant supply of various kinds of property. It guarantees that 70 percent of total land supply will go to affordable and medium and smaller sized homes. It will also use administrative methods such as "land auctions" to avoid unreasonable prices surges.

The construction of more than 200,000 units of affordable housing is to be launched this year.

The government will also push forward purchase restriction measures and differentiated lending and taxation measures while shrugging off speculation.

Many experts are applauding the measures, saying they will satisfy the need of citizens.

In January, the central government asked local governments to set their own property curbing targets in accordance to their needs.

But among first tier cities, such as Guangzhou, Shanghai and Shenzhen, the goal of lowering prices has not been mentioned.

(CNTV.cn March 30, 2011)