Vice-Premier Zeng Peiyan said reining in soaring property prices was a major economic priority, state media reported, adding that Zeng had urged local officials to redouble efforts to stabilize housing prices, which continued to rise by double-digit in bigger cities. The China Daily report also noted that Shanghai recently enacted a new rule requiring home owners to pay off their mortgages before selling property, which could slow transactions dramatically. Shanghai also extended the waiting period between sale and transfer of property to one month from the previous seven days and announced a 5.5% capital gains levy on properties bought and sold within a year.
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