Experts say that property tax reform may not curb the overheating real estate market overnight, reports Shanghai Securities Journal. The market needs to be careful and expects that tax reforms do not lie with merely one tax item but the changes of overall tax revenues and structure.   Chief of Institute of Finance and Banking at China Academy of Social Science, Yi Xianrong, comments that the execution of the tax reform needs a mature second-hand property market, a well-structured and transparent property assessment institution as well as complicated legislative procedure. Therefore, it is not likely to execute the property tax reform before all these prerequisites are ready.   Expert continues that the basic function of the proposed property tax reform is to formulate a more reasonable tax system. Currently, China has more than 30 tax items in the property industry chain. Its complexion and repetitiveness lead to an unreasonable and contradictory structure.   Officials from State Administration of Taxation stated that property tax reform is not a short-term policy but a more long-term plan to constructively direct the market.   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.