For those of you who think things are the same all over the world, think again.

Until the beginning of this year China did not have property tax.  Now two regions/states have instituted property tax, officially it’s to try and curb inflation, and real estate speculation.

In Chongqing and Shanghai, a property tax has been imposed on high end real estate.  The lowest price at which taxes are charged is for properties that sell for 9,941 yuan ($1,554) per square meter.

In Chongqing, the tax applies to existing residential properties, while in Shanghai it falls only on properties that were purchased after its adoption date.

The new taxes are due in October, and those who fail to pay will be subject to fines, restrictions on their ability to go abroad, or exposure in the media.