China faces “huge challenges” in implementing new tax reforms to cool down the overheating real estate sector, said Zhang Xiaopu, Director of the China Banking regulatoru Commission’s (CBRC) supervisory rules and regulatory department, XFN Asia reports.   Zhang pointed out that the changes aimed at curbing speculative buying need time and detailed assessment to be implemented properly.   He also said that the CBRC is working with China's finance and commerce ministries to make real estate levies such as the capital gains tax more transparent and equitable. China recently introduced a minimum holding period for real estate purchases, with transaction taxes applicable if the property is sold within that term. However, the new ruling is already triggering complaints about a lack of detail and difficulties in enforcement.