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e prices in line to be added. Recently, team led by Liu Xiuwen, deputy director of the top legislatures budget work committee, visited the cities of Guangzhou, Jiangmen and Shenzhen in the southern province of Guangdong to study how to improve the local and direct tax systems. Beijings amplified tone, with property tax legislation mentioned in the 1th five-year plan and in recent article by Finance Minister Liu Kun, came as the Politburo headed by Xi Jinping bombarded property speculation in well-regarded school districts of big cities at its meeting last month.Previous government endeavours concentrated on purchase restrictions and mortgage availability for buyers, land auction and financing restrictions for developers and the governments affordable housing programme. However, Yi Xianrong, former researcher with the Chinese Academy of Social Sciences, believes policymakers intend to create solution to the mountains of local government debt, particularly for many low-tier cities which are finding it much harder to sell land to raise funds. Once prime source of income, these cities are now seeing their debt levels snowball. While the Finance Ministry has prioritised solving local debt risks, property taxes are part of its policy design to empower local financial strength, through the wider distribution of national tax revenue and the creation of more local taxes. Local authorities rely heavily on land sales revenues, which have nearly tripled in the past 1 years to 8.4 trillion yuan in 2. Guiyang, the capital city of the Western province of Guizhou, said its net revenues incurred from land sales totalled 6.7 billion yuan last year, while its general budget revenues were only 3.8 billion yuan. Although land auctions in big cities remain fierce, with the top 5 cities netting around half of the national land revenue, they also increase pressure on home prices. Real estate has been pillar industry since home privatisation in 1, and despite repeated effor