Share
BEIJING: A property tax to be launched on a trial basis in the southwestern Chinese city of Chongqing will cover new and existing homes, city mayor Huang Qifan was quoted as saying on Wednesday, Jan 12 by state television.
Chongqing will be the country's first city to introduce a long-debated property tax, encouraging some investors to rush to buy new homes before the levy is implemented on the expectation only cover newly purchased homes would be affected.
Huang said: "Both existing and new homes will be covered" by the tax, according to China Central Television.
Details of the tax including the rate would be announced soon, state television reported.
Chongqing's municipal government has said the tax will only cover "high-end" property.
China has taken a number of steps to cool its red-hot property market since last year to combat asset bubbles and counter inflows of speculative funds. Housing prices in major cities soared by more than a fifth last year, according to the China Real Estate Index System (CREIS), run by Soufun, China's biggest online real estate company. — Reuters
Chongqing will be the country's first city to introduce a long-debated property tax, encouraging some investors to rush to buy new homes before the levy is implemented on the expectation only cover newly purchased homes would be affected.
Huang said: "Both existing and new homes will be covered" by the tax, according to China Central Television.
Details of the tax including the rate would be announced soon, state television reported.
Chongqing's municipal government has said the tax will only cover "high-end" property.
China has taken a number of steps to cool its red-hot property market since last year to combat asset bubbles and counter inflows of speculative funds. Housing prices in major cities soared by more than a fifth last year, according to the China Real Estate Index System (CREIS), run by Soufun, China's biggest online real estate company. — Reuters
SHARE
