Further delay likely for China's property tax law

A sales agent in Shaanxi province, China, giving a sales pitch at a real estate showroom. For more than a decade, China has been considering a nationwide property tax but it has not happened due to resistance from property developers and owners, and
A sales agent in Shaanxi province, China, giving a sales pitch at a real estate showroom. For more than a decade, China has been considering a nationwide property tax but it has not happened due to resistance from property developers and owners, and local governments keen to sell land to raise revenue.PHOTO: REUTERS

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China's long-overdue plan to roll out a property tax, to curb speculative buying as well as to boost local government revenues, came under the spotlight again during the recent annual parliamentary session in Beijing.

Several senior officials signalled that work on passing a law to collect property tax would be sped up, sparking speculation that draft legislation could be put up for review this year and triggering a drop in Chinese property shares.

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A version of this article appeared in the print edition of The Straits Times on April 01, 2019, with the headline 'Further delay likely for China's property tax law'. Print Edition | Subscribe