The housing prices in China's major cities are expected to drop 20-30 percent in the second half of the year, according to Wang Zhenyu, head of Asian Real Estate Research of Union Bank of Switzerland (UBS) said in Beijing.

According to Wang, the property prices in the second-tier cities may also decrease, but not so much; depending on different locations, the property prices in the third-tier cities may continue to rise.

Property tax, an important regulatory tool for the real estate market, is popularly implemented in Hong Kong, US, UK and other mature markets. It is expected to be rolled out in two or three years in major cities in China as well, Wang added.

China's business press carried the story above on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.