The Shaanxi provincial government is to cap developers' profit at 10 per cent in an apparent move to adhere to austerity measures aimed at stabilising home prices, according to mainland media. The government said 10 per cent profit was reasonable after deducting total investment costs, including expenses incurred from purchasing the land, construction, marketing, financial and sales. It comes despite 24 cities recording average declines in prices last month compared with 20 in August, according to national statistics. Sandy Li

China's securities regulator has set up a panel to improve the standard of corporate governance of listed companies. Xinhua cited Zhou Jiannan, a vice-director with the China Securities and Regulatory Commission, as saying the panel has members from 12 ministries. The "comprehensive" approach will help improve functions of independent directors and the board of supervisors, Zhou said. Lulu Chen