Nothing much the government can do, really. The market always prevails in cases like this. Just ask Singapore and Hong Kong.

The authorities should instead tackle the root cause of the problem - the mismatch between supply and demand. Also, manage the process inefficiencies and bureaucracy.

http://goodplace.my/blog/this-week-in-prop...on-of-insanity/

Increasing tax is kinda futile because it's levied on profits, not on transaction prices.

Slight correction: Nothing CAN be done to cool the market. As any economist worth his salt would tell you: address the fundamentals. Artificial controls will only distort the market for the short-term.