This paper establishes and evaluates the efficiency of three restrictive measures adopted by the government to contain housing prices: restricted bank loan (xiandai), restricted sale price (xianjia) and restricted housing purchase (xiangou). Based on the data envelopment analysis non-controllable variable model, the efficiency of the three measures to mediating housing prices among 35 major cities are examined. It is found that xiangou is more efficient than xianjia and xiandai to achieve stabilising goals in the housing market. The findings of this research could provide the government with a benchmark to estimate the possible outcome of different restrictive measures containing property prices, in the context of the global overflow of liquidity over the past decade.
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