The highly anticipated luxury tax bill has passed initial legislative review yesterday and it may be implemented in June at the earliest, marking a significant step forward in the government's plan to keep housing prices at reasonable levels. And President Ma Ying-jeou held a press conference on Tuesday, stressing his determination to address the housing problem.

President Ma Ying-jeou, Premier Wu Den-yi and major financial ministers show up in the press conference.

The president personally explains the government's position and determination in passing the luxury tax, which aims to help housing prices return to normal.

The draft is to be reviewed in the legislature on the 6th of April.

President Ma says in the press conference that he would personally supervise the process and urge legislators of the opposition to join their effort.

Observers worry the luxury tax would include pre-sale housing units and farmland, so they wouldn't become the alternative targets of speculations and compromise the government's efforts.

President Ma says the government intends to implement the luxury tax on the first of July, to crack down on property market speculation and protect homeowners.

In the future, the government will also have a strict standard on property transactions using figure heads and provide subsidies for homebuyer and renters to make home-buying more affordable for consumers.