"Along with the financial and credit stimulus policies rolled out since 2009, almost all Chinese cities have seen rapid increases in property prices, with the widespread appearance of bubbles."

Tao Ran, a professor at the School of Economics at Renmin University of China, quoted by People's Daily during an online interview on Tuesday. Tao said the situation, if unchecked, will negatively affect China's long-term economic growth, social stability and environmental protection.