Shanghai is preparing to unroll a trial property tax. It's set to become one of the first cities in China to introduce the measure, which is aimed at curbing speculative investment.

Shanghai Mayor Han Zheng announced the move to the Municipal People's Congress over the weekend, without details of how much the tax will be or when it will be implemented. The director of Shanghai's Housing Guarantee and Administration Bureau says the tax plan has been submitted for approval, and it will differ from the model adopted by the municipality of Chongqing.