As to the effect, I thin it was designed to increase the government's control on price.

It increases the cost to trade a house, not the cost to own a house. Through controlling land, goverment controls price of new house, which would dominates the price of the old house. Market for the old house will be inactive. ＂藏富于民, 把房子当黄金捂＂。

土共太了解他的屁民了。 Bought a house or not, spread your legs now, and let 党妈kick your nuts repeatedly and violently. Enjoy!