Friday, June 4, 2010

Property tax move on way

Property tax move on way

Property tax move on way

Posted: 04 Jun 2010 12:37 AM PDT

Message from Five Filters: If you can, please donate to the full-text RSS service so we can continue developing it.

China may launch an updated property tax regime as early as next month as part of a pilot program for cities where prices have surged.

Chongqing finance chief Liu Wei said the municipality has followed in the footsteps of Shanghai and Hubei and Hunan provinces and submitted, to the State Council, plans for the new property tax regime, China News online reported.

Analysts have said that Shanghai and Chongqing are likely to be the pilot cities for any new property tax regime.

But Shanghai officials declined to comment as the policy is still awaiting approval.

On another housing issue, the Shanghai government said more people will be eligible to apply for public rental homes to strike a better balance in the property market.

A statement posted on its website yesterday urged residents to air their views on the issue.

Any resident who is not a homeowner or has a per capita living space of less than 15 square meters can apply for the rental homes. There are no income restrictions. People from other parts of the mainland with a residence permit or who have contributed to the social pension fund scheme for an unspecified number of years can also apply.

The average gross floor area of each rental unit will be kept at between 40 to 50 square meters.

Separately, the State Administration of Taxation said it is working on intensifying the collection and administration of a value-added land tax.

Some developers have said they intend to bring forward property sales ahead of the launch of the tax, which they expect either to be implemented next month or in August.

"The number of speculators and investors will decrease, but we believe demand in the market is still very strong," said Kwok Ying-shing, chairman of Kaisa Group Holdings (1638).

He noted sales hit 100 million yuan (HK$114 million) a day during a recent three-day promotion.

BETH YE AND ELLEN WANG

Five Filters featured article: Into the Abyss. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.
Posted by at

0 comments:

Post a Comment

Subscribe to: Post Comments (Atom)