Tuesday, June 1, 2010

China Property Tax May Create 120 Billion Yuan Revenue, ANZ Says

China Property Tax May Create 120 Billion Yuan Revenue, ANZ Says

China Property Tax May Create 120 Billion Yuan Revenue, ANZ Says

Posted: 31 May 2010 03:37 PM PDT

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By Bloomberg News

May 31 (Bloomberg) -- A Chinese property tax may generate 120 billion yuan ($17.6 billion) of revenue annually for the nation's government, according to a report by Australia and New Zealand Banking Group Ltd.

The tax may be may be 0.8 percent of the market value of properties and be levied on people with multiple homes, beginning with their second home, ANZ economist Liu Ligang wrote in a note distributed today. About 20 percent of China's real estate market is owned by people with multiple properties, according to estimates by Liu.

Revenue from the property tax would be 8 percent of money generated through land sales and less than half of revenue from China's national income tax, according to the report. The money from a property tax could fund as much as 30 million square meters of public housing each year, Liu estimated.

Last Updated: May 31, 2010 06:37 EDT

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