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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. Property prices rose for a 19th month in
December, even after the government suspended mortgages for third-home
purchases and restricted loans to developers. Stephen Engle reports from
Chongqing for Bloomberg Television. (Source: Bloomberg)
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