A local cure to home prices

With urban housing and land prices hit-ting new highs on a daily basis, local governments must do something immediately to help the central government in preventing the real estate bubbles from bursting.

The Chongqing municipal government reportedly submitted a proposal recently to the central government to introduce a special property tax on high-priced homes.

This local attempt to rein in excessive growth of housing prices is a worthwhile attempt that the central government should support quickly.