The government's determination to launch a long-awaited property tax would help cool down the real estate market in the long term, industry analysts say.

Speaking on the sidelines of the G20 meeting for finance ministers and central bank governors in Chengdu, Sichuan province, Finance Minister Lou Jiwei pledged to go to great lengths to introduce the property tax.

Promoting the reform of income tax and property tax will ensure fairer income distribution, officials say. However, effective policies for income redistribution will definitely meet obstacles, Lou said. "This is a challenge, and this is our next task. We will be devoted to carrying it on."

The property tax is expected to take effect by the end of 2017 at the earliest, Liu Jianwen, a professor at Peking University Law School, was quoted as saying by China Business News.

Experts say the policy could help reduce demand and stabilize prices to some extent. But it may take some time before the long-awaited property tax can be implemented.

"Information collection, taxation capacity building and vested interests are the major challenges," Lou said.

"It's difficult to say when the policy will be completed. As far as I'm concerned, the reform may need no fewer than three to five years," says Zhang Dawei, chief analyst at Centaline Property.

The taxation system needs improvement and requires thorough investigation into current property ownership, says Guo Yi, marketing director at Yahao Real Estate Selling and Consulting Solution Agency.

However, the policy's ability to restrain demand in the property market remains to be seen.

"I will still buy a house even if there are more taxes, because I need it," says Li Yanan, an engineer working at a Beijing-based construction company.

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