Xinhua: China to pilot property tax scheme in some regions | Malay Mail

SHANGHAI, Oct 23 — The top decision-making body of the Chinese parliament said today it will roll out a pilot real estate tax in some regions, the official Xinhua news agency reported. The State Council, or Cabinet, will determine which regions will be involved and other details, Xinhua added....

SHANGHAI, Oct 23 — The top decision-making body of the Chinese parliament said today it will roll out a pilot real estate tax in some regions, the official Xinhua news agency reported.

A tax could help red-hot home prices that have soared more than more than 2,000 per cent since the privatisation of the housing market in the 1990s and created an affordability crisis in recent years. It has faced resistance from stakeholders including local governments, who fear it would erode property values or trigger a market sell-off.But analysts say the tax will bring in much needed revenue.

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