Property tax aimed at cooling hot Shanghai residential market
By Wang Ying and Wang Huazhong | China Daily | Updated: 2011-01-29 07:17
SHANGHAI/CHONGQING - A new property tax in Shanghai will help cool the city's overheated housing market, said analysts.
The tax, introduced on Friday, will steer many speculators away from buying property in the city, according to the analysts.
The municipal government announced on Thursday evening it was introducing the new tax. It became effective the following morning.
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