China to impose property tax in some regions

In order to get out of the real estate crisis in China, new applications are on the agenda.

According to the news in the Xinhua news agency, the National People's Congress (NPC) will decide which regions to include in the application and other details.

The property tax could lower prices, which have risen more than 2,000 percent since the privatization of the housing sector in the 1990s and the crisis in affordability in recent years.

The trial period, which is expected to be implemented after the Chinese State Council decides on the details of the trial implementation, will last for 5 years.