Shanghai, China’s wealthiest city, may impose a property tax to curb price gains, the Shanghai Securities News reported, citing unidentified people.

The city government has already completed a basic plan for the tax, which would affect ownership of investment properties, the Shanghai-based newspaper reported. The tax is likely to be applied to existing homes as well as new properties, the report said, without saying when the charge may be levied. The newspaper is affiliated with the official Xinhua News Agency.

“The introduction of new taxation will curb speculative demand for properties and bring down prices,” said Zhang Qi, an analyst at Haitong Securities Co. in Shanghai.