The government of Shanghai has decided to impose heavier land and real estate taxes on land developers and commercial home owners, with the maximum tax amount of up to 30 yuan per square meters, which will take effect starting from the current taxable year from January to December.
This is believed to be the first ever such strong move in the country that directly targets the skyrocketing commercial housing prices that, like in many other cities around the country, have not only made a big majority of urban residents becoming "housing slaves", but also shattered the dreams of many others in getting their houses on much affordable prices.
