In order to suppress real estate speculation, the Ministry of Finance has teamed up with the National Tax Administration to draft an act to tax transactions of high-price properties that are frequently resold.

However, some legislators believe that such a plan can be easily defeated by speculators.

A unit at Taipei City's The Palace was recently auctioned off for 280 million NT, or 2.06 million NT per ping.

The price set a new record for public auctions, and the bidder that drew the most attention was Yu Chang-che.

Yu is the son of famous investor "Mother Liu," who owns more than 20 storefronts in Taipei City.

In order to crack down on real estate speculation, the Ministry of Finance recently ordered the National Tax Administration to begin taxing residential real estate transactions of more than 50 million NT.

However, some legislators say that investors can easily dodge the tax by using someone else's name, and that the measure is also ineffective because land transactions are not taxed.

In response, Vice Premier Sean Chen said that the Cabinet has already asked the MOF to assess the feasibility of adjusting housing tax rates,

and that the government's public housing programs will also help to suppress Taiwan's sky-high real estate prices.