Shanghai's property registration offices have been busy lately -- very busy, as buyers and sellers line up to complete their paperwork and pay the government transfer tax. The rush has boosted Shanghai's property prices ten percent in the past two weeks.

Shanghai suburban areas like Baoshan and Minhang have seen crowds so heavy that officials have used loud-speakers to keep order among the buyers and the sellers. Many came to claim refunds based on a recent tax reduction for new purchases that have been completed but not yet fully registered.

The new policy cutting deed taxes from 3 percent to 1.5 percent is one of the reasons for the latest housing rush. It's attracting more and more buyers.

A newly-opened housing project in the inner ring road in Shanghai's Hongkou district, for example, managed a turnover of 3.6 billion yuan at an average price of about 60,000 yuan per square meter, during the first five hours of sales last Sunday. That was a China property sales record for the year so far. Many buyers say they can't afford to wait for a better deal.

Pre-owned properties are seeing a boom too. A property agency in Shanghai's Huangpu district says the number of people viewing homes for sale has doubled.

According to Centaline Property, the number of apartments sold last week in 54 Chinese cities hit 62,000, an increase of 68 percent over the previous week. Sales in first-tier cities were up 78 percent, and those in second-tier cities rose 92 percent.