BEIJING — A property bubble continues to pose the biggest risk for China's economy in the second half of the year and there is still room for correction in housing market, US financial services company Standard & Poor's said on Thursday.

BEIJING — More property developers have began to cut prices and adjust their business portfolios to cope with sluggish transaction numbers due to government tightening of the real estate sector.

BEIJING — China plans to start implementing a property tax in two or three years on a trial basis, a source from the Ministry of Finance told China Daily on Thursday. The National Business Daily had earlier reported that the property tax might be rolled out in several cities under a pilot program in 2012.

BEIJING — China's property market remains an attractive place to invest despite recent tightening measures, said Fang Fang, JPMorgan's vice-chairman of Asia investment banking.

PARIS — Burberry Group Plc, the UK's largest luxury retailer, will take control of its franchised stores in China for 70 million pounds ($108 million) in a transaction that may boost earnings by almost 10 percent.