The tax is overdue. It will give local governments a recurring source of tax revenue and lessen their need to sell land to fund their budgets. It will also likely discourage property speculation and incur home owners' wrath.
A MINISTERIAL demotion in China looks set to upend the country's property market. President Xi Jinping is preparing to sidestep traditional policy shops such as the Ministry of Finance (MOF) to put decision-making into the hands of a smaller group of individuals.