China’s growing property prices threaten the stability of Asia’s second-largest economy and local officials who fail to take measures to keep growth under control will have to answer for their actions, the country’s highest ruling body said.

The State Council, China’s cabinet, ordered the clampdown in a six-page document obtained by Bloomberg News that was transmitted to city governments and state media. Bi Jianling, a spokeswoman for the Ministry of Construction in Beijing, confirmed that the document was released.

``Excessive growth in housing prices has directly undermined the ability of city residents to improve their living standards, affected financial and social stability, and even influenced the health of the national economy,’’ the document said.

The document demonstrates the central government’s intention to reduce urban home prices that increased almost a fifth in the past year in Shanghai alone. The central bank on March 16 raised the minimum interest rate lenders must receive from home loans and encouraged them to demand higher down payments in areas of ``excessive’’ growth, according to the data provided by Bloomberg.

China’s government is seeking to rein in economic growth to 8 percent this year compared with 9.5 percent in 2004, by measuring investment in property and other industries. Investment in real estate in the first two months grew 27 percent to 120 billion yuan ($14.5 billion), the government announced this month.