An advisor at China's central bank, Li Daokui, has expressed his own comments regarding the property tax. He says the tax could be as much as 1 percent, and not to expect it to cool prices right away. He says it will take time.

Li Daokui, Advisor of People's Bank of China said "A property tax of 1 percent or 1.5 percent is high, but if you ask the investors, they expect the value of houses to rise 10 percent. Many people do not lease or rent, or decorate the houses they purchased, that means the rate of return is at least 2 percent. How do you expect them to care about 1 percent of tax, while they do not even care the 2 percent loss."