China will surpass both the UK and Japan to be the world's second largest property investment market by 2011, a report by international real estate service provider DTZ said.
Property sales in Beijing, Shanghai and Shenzhen fell as much as 70 percent in May as developers delay sales following government tightening measures.
Prices of Shanghai's luxury residential properties remained strong over the past one-and-a-half months although transaction volume plunged amid weak market sentiment caused by a state-level crackdown on speculation in China's overheated housing market, according to a latest industry research.
The government has signaled that it will "gradually" levy tax on holding of property.
China's State Council approved the National Development and Reform Commission's gradual property tax reform as part of a general economic reform plan announced last month, according to a statement on the Chinese government website today.
Uncertainties about Beijing's property tightening cast a shadow on the recent gains in the A-share market as investors worried that the government may roll out more stringent measures if the current policies are not effective in cooling property market, analysts said.
Economist sees bubble in housing market
China will collect house- and land-price appreciation taxes more "strictly" after the government released more-detailed tax rules Wednesday, the Shanghai Securities News reported Thursday.
The soaring housing price in Beijing has drawn the attention of Fortune 500 CEOs, with some claiming it has damaged the capital's economic health and forced university graduates out of the city.
China's State Administration of Taxation will tighten collection of a value-added land tax, according to a statement on its website.
The China Insurance Regulatory Commission (CIRC) will loosen the limits on investments by insurance companies in stocks and bonds, but may be cautious on permitting property investments, a CIRC official said on Wednesday.
One-third of Chinese billionaires have businesses in real estate and the companies are mainly located in big cities such as Beijing, Hangzhou, Guangzhou and Shenzhen, a latest research report has found.
The Ministry of Land and Resources said it will survey the cost structure of residential property as part of its annual investigation of land prices.
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