China introduces property tax to douse sizzling housing market
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House price increases in China have moderated somewhat, confirming the effectiveness of government market-cooling measures. New residential building sales prices in 70 key cities rose 7.6% y-o-y to December 2010, according to the National Bureau of Statistics of China (NSBC), well down from the peak y-o-y 15.4% price rise in April.
Beijing’s price increases were higher, although by December the y-o-y price increase had eased to 9.9%, according to NSBC, down from an average y-o-y price increase for 2010 of 18%.
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