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China may announce property tax reforms in 1Q

SHANGHAI: China's Ministry of Finance may announce the start of property tax reforms during the first quarter, the official Shanghai Securities News reported on Tuesday, Jan 25, citing unidentified sources.

Two Chinese cities — Shanghai and western Chongqing — will be included in a pilot scheme, the newspaper said.

China has been cracking down on real estate speculation and discouraging property investment to rein in surging prices and maintain social stability.

The newspaper also cited finance ministry head Xie Xuren as saying that China would start a nationwide levy of a resources tax in five years. — Reuters
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