China may implement a property tax in 2-3 years

 Chinese officials may instate a property tax on a trial basis in the next two or three years, state media reported, citing a source within the Ministry of Finance. A future tax may be rolled out in Beijing, Chongqing, Guangzhou and Shanghai, and spread to the rest of the country after the incipient phase. The tax may both curb the speculation thought to be fueling rising property prices and provide a source of funding for local governments. While upfront costs of enforcing the tax may prove high, some analysts believe that a future tax of around 0.8% market property value on owners of multiple apartments, who make up some 20% of China’s real estate market, is likely to pass.