China Approves Property Tax Trials to Curb Prices
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China approved property tax trials on some homes in Shanghai and Chongqing, adding to measures announced earlier this week in its campaign to curb real-estate speculation and asset bubbles.
Both cities will begin trials for the levy today, following the government’s Jan. 26 announcement it will raise the minimum down-payment for second-home purchases and ask local authorities to set price targets for new properties.