More Chinese cities ready for property tax pilots

China's home prices have taken off in recent years as the country has rapidly urbanized.

Meanwhile, with other investment channels such as the stock market proving disappointing, houses in major cities like Beijing and Shanghai have become a popular investment choice for the country's wealthy, further squeezing the already tight supplies.

The housing market experienced a brief cooling-off period starting in 2010, when tightening policies such as higher down payments and restrictions on third-home purchases were introduced.

However, the market began to heat up last year, after the central government put more emphasis on economic growth.

Home prices continued to rise at a quicker pace in major Chinese cities in January. Out of a statistical pool of 70 major Chinese cities monitored by the National Bureau of Statistics, 53 saw home prices increase within 2.2 percent month on month in January.

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