Call to slap property tax on China homes to curb prices

Beijing

CHINA'S property market has become a major source of financial risk and Beijing cannot rely on adjustments to monetary policy alone to resolve the "serious" problems caused by the sector, a central bank official wrote.

Xu Zhong, head of the People's Bank of China's research bureau, said in an article in a central bank publication on Friday that there should be a property tax on homeowners nationwide as a way to help control prices.