In an effort to curb rising real estate prices, China plans to introduce a trial property tax in some cities before expanding the levy to the entire country, Bloomberg reported.

The state has also extended a 30 percent down payment requirement to buyers of first homes and has asked commercial banks to stop offering loans to buyers of third homes.

“The new measures are not dramatic, but they convey a clear policy message,” said Qu Hongbin, a Hong Kong-based economist with HSBC Holdings plc. “Beijing is serious about controlling the property prices.”

China said it will also order banks to stop lending to property developers that violate industry regulations as it adjusts transaction taxes and personal income tax policies regarding property deals.

A rise in property prices in 70 major cities – 9.3 percent in August from the year-earlier period – is prompting the government’s extended crackdown on speculators and multiple home purchases.

Since April, China has raised the down payment level and interest rates on second-home mortgages and restricted the number of new homes residents can buy in some cities.

The state is expected to announce the new property taxes in early October.