1. China Government’s specific rules set to tighten control of property market. -Amid expectations of rising housing prices, China’s central government rolled out specific rules to further tighten control of the property market. -The government said that homeowners who sell their homes will be levied an income tax as high as 20% of the profit they make on the transaction.

2. - Before the new rules, income tax was 1% to 2% of the sale price. - The notice said local branches of the central bank in cities with soaring home prices can increase the down payment rate and mortgage loan interest rate for home buyers purchasing a second unit.

3. - Non-local families with one home or more, as well as non-local families without a certain amount of years of tax payment certificates, will be banned from buying homes in the cities. - Local governments will be held accountable for curbing soaring prices, and establish specific schedules. - Government will be doing property market control work. Those who fail to meet their targets will be penalised.