According to Businessweek, China is the top country, for the second year in a row, when it comes to real estate investments. They topped the charts with an astounding $197.1 billion in real estate transactions in 2010. They are even up 23 percent from the previous year.

Architect on the job site with a worker - Image by Mike Kemp/Rubberball/Corbis

The majority of these transactions were land deals that will be used for development in the future. Of the $582 billion deals done worldwide last year, China was responsible 34 percent of that number.

Even though 34 percent sounds high, China’s percentage actually decreased from the previous year of 41 percent. This can be attributed to the Chinese authorities attempting to cool down the market.

According to NASDAQ, China will begin a trial this Friday to start collecting real estate tax on residential properties. The tax will be applied to both newly purchased high-end homes and existing homes.

Larger down payments have also been put into effect. The minimum down payment for a second home has been raised to 60 percent.

China made a few changes last year in order to cool the market such as higher interest rates and putting restrictions on the number of home purchases.

China is hoping that the new real estate tax will help to steady the market.