China??s new property tax may curb home price surge Korean bewitching hotties. sultry ingenues.

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Beijing (CNS) -- China's new tax policy targeting property transactions is expected to help stabilize the property market expectations and curb the surge of home prices, according to a report released Tuesday by real estate company Jones Lang LaSalle.

Although the secondhand property market witnessed a surge in the short period before the new housing tax policy, the transactions of secondhand homes will slow down in the medium and long term, according to the report.

The report said the new policy will curb both the investment and speculative demand for secondhand houses. Home buyers will also take a wait-and-see attitude, which will lead to the decline in transactions of secondhand homes.

By curbing the speculative buying of real estate, the new tax policy is also expected to dampen the housing price inflation, according to the report.

China's central government rolled out the new rules on March 1 to further tighten controls on the property market.

According to the new rules released by the government in its online notice, a 20 percent income tax will be levied on home sellers.

Prior to the new rules, income tax was 1 to 2 percent of the sale price.

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