The central government is expected to announce more austerity measures to cool the property market as home prices in many cities continue to rise, according to a property agent.
Property prices continued to rise to varying degrees after the government launched a campaign to rein in the real estate market in the middle of last year, Centaline China Property Consultants managing director Sherman Lai Ming-kai said.
'The rising trend will continue in some cities such as Beijing and in Shenzhen and other second-tier cities this year,' said Mr Lai.
New measures to regulate the industry are expected to include tax charges and an increase in land supply.
'It has long been rumoured that the central government will impose a tax on property owners. The tax [will be] similar to the rates in Hong Kong; the more properties you own, the more tax you have to pay,' he said.
In June, measures to deter speculative investment in high-end property and to rein in rapid price rises included higher mortgage rates and downpayments. The government also increased capital gain taxes on property and issued guidelines on buying by foreigners.
According to Centaline China, average prices in 12 cities rose in a range from 2.2 per cent to 18.2 per cent during the year.