The Shanghai government recently released more details about the specific rates at which it's newly announced pilot property tax will be collected. According to the plan, properties with a unit price of below 28,426 yuan per square meter will be taxed at a rate of 0.4%, while properties that have a market value higher than that amount, will be taxed at a rate of 0.6%. The tax will only be collected according to the amount of floor space that exceeds 60 square meter per resident criteria. Critics argue that the higher rate of 0.6% should apply to more expensive housing. In 2010, the average price of newly-constructed commercial residential properties was 14,213 yuan per sqm, however when government housing and other welfare-supported housing is excluded, the average market price of newly-constructed commercial residential housing was 20,995 a square meter.

Source
Oriental Morning Post

Google Translation