Shanghai Prepares for Property Tax to Curb ‘Speculative’ Buying; China Addresses Symptom NOT Problem

``Even without the subsidy, the problem is not prices. Rapidly rising home prices are a symptom of too much credit... In this case, excess credit will go somewhere else. Perhaps more commodity speculation... China is overheating, it needs to slow the growth of credit. Instead, it is hell-bent on idiotic measures that cannot possibly work. So, China is going to overheat until it implodes.''