BEIJING (Reuters) - China's plans to curb property speculation are likely to be more bark than bite, and markets have over-reacted because of the uncertainty over how local governments will implement measures including a 20 percent capital gains tax on house sales.
Investors took fright this week over the potential impact of the tax - which has been in place for almost two decades but never strictly enforced - hammering shares of big property development firms such as China Vanke, Poly Real Estate, China State Construction Engineering and China Resources Land.
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