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Shanghai to Build More Low-Income Homes, Prepare Property Tax

Shanghai, China’s financial center, will build more low-income housing and is actively preparing to introduce a property tax to curb speculation in a city whose mayor said residential prices are “too high.”

Shanghai will offer 5 million square meters (54 million square feet) of affordable housing this year, or about 80,000 units, and a further 2 million square meters of public rental residences, or 40,000 homes, Mayor Han Zheng said in a briefing yesterday. The city is getting help from the central government on the new tax, Han said.