The latest statement from the State Council on house prices indicates that the government may not take drastic measures to dampen the real estate sector. Instead, it will keep policies stable so long as property prices do not soar again.

The State Council, at an executive meeting chaired by Premier Wen Jiabao, released a statement on Wednesday stating that it will expand the property tax program, which is being piloted in Shanghai and Chongqing municipalities, and continue its price control policies.

Claiming that existing policies have effectively reduced speculation and stabilized house prices, the statement shows the government is satisfied with what has been achieved so far.