“Shanghai to test property tax - mayor” plus 2 more |
- Shanghai to test property tax - mayor
- Shanghai Prepares for Property Tax to Curb ‘Speculative’ Buying
- Shanghai Prepares for Property Tax Program This Year
| Shanghai to test property tax - mayor Posted: 16 Jan 2011 12:15 PM PST  Expand Shanghai, China's financial centre, will this year prepare for a trial property tax, says Mayor Han Zheng. Han yesterday gave no details on how much the tax would be or when it would be implemented. China is expected to introduce a 0.8 per cent tax rate, which a report by Nomura Holdings last week said would have a limited effect on the market. China has pledged to speed up trials for a property tax to curb surging prices that have made housing too expensive for an increasing proportion of the population. Premier Wen Jiabao said on December 26 that measures to rein in housing costs were not well implemented and that he would introduce more policies to crack down on speculation. "We will step up macro-control measures, prioritise the supply of non-luxury residential units to be owned and occupied by ordinary citizens and prepare for the trial reform on property tax as required by the central Government," Han said in the work report to the Municipal People's Congress. Shanghai would also begin building 220,000 units of subsidised housing as it pushed forward with plans to create affordable homes, Han said. The cities of Shanghai and Chongqing are expected to be first to roll out property taxes in China, according to the official Xinhua News Agency and Shanghai Securities Newspaper in reports last week. They said Shanghai might introduce a tax on new homes in the first quarter while the southwestern city of Chongqing might impose a luxury-property tax at the same time. Home prices in Shanghai jumped 26.1 per cent last year and those in Chongqing surged 29.4 per cent, said Soufun Holdings, the country's biggest real-estate website owner. Michael Klibaner, head of China research at Jones Lang LaSalle, the world's second-biggest publicly traded commercial-property broker, said the property tax for Shanghai this year would have a minimal impact because the levy was expected to be low, He reckoned China's home prices would rise 5 to 7 per cent this year. The Century Weekly magazine reported this month that the tax might be delayed after disputes between government departments. Chongqing Mayor Huang Qifan told state television CCTV only that his city planned to introduce the tax for new and existing homes. Beijing News, quoting Deputy Mayor Ji Lin, said yesterday that the capital city would not join the trials. - BLOOMBERG This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
| Shanghai Prepares for Property Tax to Curb ‘Speculative’ Buying Posted: 16 Jan 2011 08:21 AM PST January 16, 2011, 11:03 AM EST By Bloomberg News Jan. 17 (Bloomberg) -- Shanghai, China's financial center, will this year prepare for a trial property tax, becoming one of the first cities in the nation to introduce the measure aimed at curbing "speculative" investment. Mayor Han Zheng announced the move in a speech to the Municipal People's Congress yesterday, without giving details of how much the tax would be or when it would be implemented. Shanghai and southwestern Chongqing are the two cities that will begin trials of a property tax, according to a Jan. 10 report by Nomura Holdings Inc., which expects China to selectively introduce a tax rate of about 0.8 percent. "We will step up macro-control measures, prioritize the supply of non-luxury residential units to be owned and occupied by ordinary citizens, and prepare for the trial reform on property tax as required by the central government," Han said. China has pledged to speed up property tax trials to rein in surging prices that have made housing too expensive for an increasing proportion of the population. Premier Wen Jiabao said on Dec. 26 that measures control housing costs weren't well implemented and that he would introduce more policies to crack down on speculation. China has tightened rules on down payments, suspended mortgages for third homes last year. "A property tax will definitely come but it's not the best way to control prices," Fu Qi, an analyst at China Real Estate Information Corp, said. "One of the major challenges in curbing prices is that incomes are on the rise and people have nowhere to invest their money." Shanghai will begin building 220,000 units of subsidized housing as it pushes plans to create affordable homes, Han said in a report to the congress in Shanghai. The municipality aims to add 1 million units of subsidized housing from this year to 2015, he said. Ordinary Citizens Shanghai and Chongqing are expected to be the first cities to roll out property taxes in China, according to the official Xinhua News Agency and Shanghai Securities Newspaper in reports on Jan. 10. Shanghai may introduce a tax on new homes in the first quarter while the southwestern city of Chongqing may impose a luxury-property tax at the same time, they reported. Beijing won't join the property tax trial, the Beijing News reported today, citing Deputy Mayor Ji Lin. The Chinese capital will try to finish 100,000 units of subsidized housing this year, acting "firmly" to curb rising property prices, Xinhua said, citing Mayor Guo Jinlong. Price Jump Home prices in Shanghai jumped 26.1 percent in 2010 and those in Chongqing surged 29.4 percent, according to Soufun Holdings Ltd., the country's biggest real estate website owner. The property tax for Shanghai this year will have a minimal impact because the levy is expected to be low, said Michael Klibaner, head of China research at Jones Lang LaSalle Inc., the world's second-biggest publicly traded commercial-property broker. He estimates China's home prices will rise 5 percent to 7 percent this year. The Century Weekly magazine reported earlier this month that the tax may be delayed following disputes between government departments. Chongqing plans to introduce the tax for both new and existing homes, Mayor Huang Qifan said in an interview with state television CCTV aired on Jan. 12, without providing further details. Shanghai's property tax plan is "different" from that in Chongqing, the China Business News reported today, citing Liu Haisheng, director of Shanghai's Housing Guarantee and Administration Bureau. The city has submitted the draft for property tax to the relevant government department, the report cited Liu as saying. --Stephanie Wong and Bonnie Cao, with assistance from Tian Ying in Beijing. Editors: Neil Western, Paul Tighe. To contact Bloomberg News staff for this story: Bloomberg News at swong139@bloomberg.net To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
| Shanghai Prepares for Property Tax Program This Year Posted: 15 Jan 2011 10:06 PM PST January 16, 2011, 11:03 AM EST By Bloomberg News Jan. 17 (Bloomberg) -- Shanghai, China's financial center, will this year prepare for a trial property tax, becoming one of the first cities in the nation to introduce the measure aimed at curbing "speculative" investment. Mayor Han Zheng announced the move in a speech to the Municipal People's Congress yesterday, without giving details of how much the tax would be or when it would be implemented. Shanghai and southwestern Chongqing are the two cities that will begin trials of a property tax, according to a Jan. 10 report by Nomura Holdings Inc., which expects China to selectively introduce a tax rate of about 0.8 percent. "We will step up macro-control measures, prioritize the supply of non-luxury residential units to be owned and occupied by ordinary citizens, and prepare for the trial reform on property tax as required by the central government," Han said. China has pledged to speed up property tax trials to rein in surging prices that have made housing too expensive for an increasing proportion of the population. Premier Wen Jiabao said on Dec. 26 that measures control housing costs weren't well implemented and that he would introduce more policies to crack down on speculation. China has tightened rules on down payments, suspended mortgages for third homes last year. "A property tax will definitely come but it's not the best way to control prices," Fu Qi, an analyst at China Real Estate Information Corp, said. "One of the major challenges in curbing prices is that incomes are on the rise and people have nowhere to invest their money." Shanghai will begin building 220,000 units of subsidized housing as it pushes plans to create affordable homes, Han said in a report to the congress in Shanghai. The municipality aims to add 1 million units of subsidized housing from this year to 2015, he said. Ordinary Citizens Shanghai and Chongqing are expected to be the first cities to roll out property taxes in China, according to the official Xinhua News Agency and Shanghai Securities Newspaper in reports on Jan. 10. Shanghai may introduce a tax on new homes in the first quarter while the southwestern city of Chongqing may impose a luxury-property tax at the same time, they reported. Beijing won't join the property tax trial, the Beijing News reported today, citing Deputy Mayor Ji Lin. The Chinese capital will try to finish 100,000 units of subsidized housing this year, acting "firmly" to curb rising property prices, Xinhua said, citing Mayor Guo Jinlong. Price Jump Home prices in Shanghai jumped 26.1 percent in 2010 and those in Chongqing surged 29.4 percent, according to Soufun Holdings Ltd., the country's biggest real estate website owner. The property tax for Shanghai this year will have a minimal impact because the levy is expected to be low, said Michael Klibaner, head of China research at Jones Lang LaSalle Inc., the world's second-biggest publicly traded commercial-property broker. He estimates China's home prices will rise 5 percent to 7 percent this year. The Century Weekly magazine reported earlier this month that the tax may be delayed following disputes between government departments. Chongqing plans to introduce the tax for both new and existing homes, Mayor Huang Qifan said in an interview with state television CCTV aired on Jan. 12, without providing further details. Shanghai's property tax plan is "different" from that in Chongqing, the China Business News reported today, citing Liu Haisheng, director of Shanghai's Housing Guarantee and Administration Bureau. The city has submitted the draft for property tax to the relevant government department, the report cited Liu as saying. --Stephanie Wong and Bonnie Cao, with assistance from Tian Ying in Beijing. Editors: Neil Western, Paul Tighe. To contact Bloomberg News staff for this story: Bloomberg News at swong139@bloomberg.net To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
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