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China should up property tax on 3rd homes : Official

Published on Mar 23, 2013 7:52 PM
 
Security guards walk into a building in front of apartment blocks in Beijing on March 22, 2013. China should increase its home ownership tax on those with three or more properties to target speculators and as part of measures that replace current purchase restrictions, Hu Cunzhi, vice minister of Land and Resources said on Saturday, March 23, 2013. -- FILE PHOTO: REUTERS

BEIJING (REUTERS) - China should increase its home ownership tax on those with three or more properties to target speculators and as part of measures that replace current purchase restrictions, Hu Cunzhi, vice minister of Land and Resources said on Saturday.

The remarks come after the Chinese government warned this month it could tighten controls to calm frothy home prices, including speeding up expansion of a pilot property tax and a 20 per cent capital gains tax.

Local governments are expected to detail how the two taxes would be enforced by the end of this month.

"Now, if we can apply economic or taxation methods to curb the property market as soon as possible, the campaign to control property prices would have a relatively good effect," Hu told a forum.

 
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