Property tax may be levied

BEIJING - The government has signaled that it will "gradually" levy tax on holding of property.

The tax, which is similar to a property tax in other countries, is expected to increase the cost of holding more than one apartment and help prevent speculation.

The State Council, China's cabinet, has approved guidelines on the systematic reform of the economy submitted by the National Development and Reform Commission, which included the clause "gradually push the reform of tax on holding of properties".