SOE deadline to exit property market

China wants state-owned companies whose core business isn't property development out of the real estate business. 78 SOEs have been given 15 working days to map out their exit strategies.

The State-owned Assets Supervision and Administration Commission says the order does not affect 16 major state-owned developers. But the commission warns those firms must recognize the complexities of the current economic situation. The firms are to make risk management a priority and strengthen cost controls. Earlier the commission had said it's impossible for centrally owned developers to manipulate housing prices. It said China's real estate sector is actually quite competition driven.