China's central bank to curb property prices

China's central bank says it will strictly implement the State Council's policies to rein in rapidly climbing property prices.

The statement is posted on its website. The People's Bank of China says it has urged all its branches and subsidiaries to enhance risk management in granting housing mortgages, and to strictly carry out measures announced by the State Council Thursday.

The measures make it more expensive for people to take out mortgages on investment properties. They include raising mortgage rates and down payment requirements.

The Cabinet's move came a day after statistics revealed China's property prices in 70 major cities rose 11.7 percent in March, year on year.