This tax won't do much to impact the market directly as foreign capital makes up about 4-8% of the purchase activity, which is elevated but not outrageous. Fore

This tax won't do much to impact the market directly as foreign capital makes up about 4-8% of the purchase activity, which is elevated but not outrageous. Foreign funds also buy at the same average price as local funds so it's not about rich buying mansions. The larger impact will be on locals thinking "this is the end of chinese money, so the market will tank!", which will scare them away from the market.