How to Rationalize Shenzhen's Housing Price?

Drawn from the lessons learnt from the burst of housing bubble in Japan in the 1990s and the financial crisis sweeping Hong Kong in 1997, Shenzhen should be cautionary against
1 the emergence and piling up of housing bubble
2 systematic risks associated with rising housing price at a breakneck pace

Therefore, Shenzhen should adjust its goals in the regulation of the housing market. In the short run, Shenzhen should 
1 strictly restrict further increase in housing price
2 abandon administrative and regulatory measures preventing the fall of housing price
3 leave the housing price to be determined by supply and demand in the market
4 strive to avoid the burst of housing bubble
5 anticipate a steady fall of 10 to 15 percent a year in housing price
In the long run, Shenzhen should 
1 aim to separate the indemnificatory housing market from commercial housing market, with the former facing low-to-middle income groups while the latter facing high income group
2 restrict government intervention in the commercial housing market

In order to reach the short-term and long-term goals, Zhang suggests that Shenzhen should
1 enact corresponding regulatory measures of the commercial housing market in reference to local conditions
2 lower the housing price to a rational level and improve the business environment for the housing market to grow healthily
3 stick with the reform goals, preventing U-turns and unnecessary halts 
4 minimize price control and excessive government intervention in the housing market steadily
5 prevent the burst of housing bubble and systematic risks with necessary administrative measures