HCMC aims to reduce property speculationThe People’s Committee of HCM City has proposed to impose a tax on apartments and houses which are sold within one year after purchasing, aiming to reduce speculation and ensure stability in the estate market. — Photo thoibaotaichinh.com.vnThe People’s Committee has submitted the proposal in its property market development project for the 2016-20 period with an orientation to 2025 and a vision to 2030 to the National Assembly and the Government. The city’s property market still lacks transparency, causing speculation, it cited. In the short-term, the Government could allow a pilot implementation of some new financial tools such as housing saving funds or a real estate investment trust (REITS) to diversify capital resources in the estate market. The city proposed that the Government replace the calculation of land use payments with a fixed tax rate of 10-15 per cent.