The Chinese central government has urged local governments to make efforts to stabilize land and housing prices, and punish those who fail to stabilize the real estate market.

At a meeting held by the Ministry of Housing and Urban-Rural Development in northeast China's city of Shenyang, capital of Liaoning Province, on Tuesday, local governments across China were ordered to analyze the problems and major risks existing in their respective housing markets, and implement tailored measures to stabilize the market expectation.

Development of the rental market was encouraged to meet various needs of residents, while speculative housing purchases were to be curbed by cracking down on illegal developers and agents, according to the meeting.

Government representatives from eastern, central, and southwestern regions attended the meeting.