Property owners warned over tax

CHONGQING - City officials say owners of plush residential properties must pay their property taxes in October or face harsh punishments.

On Jan 28, Chongqing and Shanghai adopted the first property tax ever imposed in China, placing it on expensive residential properties in the hope of curbing soaring prices and real estate speculation.

In Chongqing, the tax applies to existing residential properties, while in Shanghai it only falls on properties that were purchased after its adoption date.