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Unless the real estate bubble is resolved, Shanghai may not have a future says its mayor.Shanghai Daily:
Shanghai “will have no future” if the housing issue is not properly handled, Mayor Han Zheng said today. Meanwhile, the minimum wage will increase at least 10 per cent from April 1st, he said. The mayor also said it’s the right time to launch the international board at the Shanghai Stock Exchange. The city is planning a property tax, a more accessible budget home system and more low-rental homes to cool off the runaway real estate industry, Han said at a press conference on the closing of the annual session of the Shanghai People’s Congress and the Shanghai session of the Chinese People’s Political Consultative Conference. “The young generation is severely pinched by sky-high prices in the city,” he said. “The city has no future if it loses the hearts of the generation.” “Shanghai is positively preparing to launch a property tax trial under the central government’s guidance,” Han said.