From the chinese press

Property tax

The government plans to impose a property tax on people who buy more than one house. The idea is to curb realty speculation by increasing the cost of buying property. Since urbanization is intensifying in the country, the move may not be able to lower the sky-rocketing housing prices, but it can help foster rational demand, says an article in People's Daily. Excerpts:

To begin with, local governments may be authorized to make their own rules for the collection of property tax, which would be based on local housing markets. Plus, a property tax will boost their coffers.