Beijing is to introduce a property tax in two Chinese cities, the latest measure aimed at preventing a housing market bubble.
The State Council said on Thursday that the long-awaited tax would be introduced as a trial in Shanghai, the country’s business capital, and in Chongqing, a large city in the centre-west of the country.
“It’s impossible for housing prices to fall overnight because of the property tax, but it will help to curb speculation in the housing market,” Huang Qifan, the mayor of Chongqing, said.
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