"If you look at the ratio of home values relative to GDP, China is about the same level as Japan's before Japan's bubble burst," he warned.
The Chinese Academy of Social Sciences, a government think-tank, warned in December that of 35 major cities surveyed, property prices in eleven, including Beijing and Shanghai, were overvalued by between 30 and 50 percent.And confirmation in this article that the property tax is annual.
And nice use of scare quotes in the title there.
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