Property tax to be levied on high-end residences

08:57, June 13, 2010      

Email | Print | Subscribe | Comments | Forum 

Only plush and spacious high-end residences will be targeted by the planned property tax, now being studied by the regulators in Beijing, sources said.

Families that own only one home with per-capita dwelling area less than 70 square meters will be left out by the new legislation.

An official with the State Administration of Taxation said on Saturday that it has received from Shanghai and Chongqing, two provincial-level governments, draft proposals on a new tax to be levied on local properties. The two cities are pioneers in applying for property taxation.

The official added that the ordinary people, who have only one home, "will not be affected" by the new tax.

The taxation is now hotly debated in China, with online opinion polls showing roughly equal proportions of Chinese residents who either support or oppose the levy. On the stock market, real estate developer shares have sunk on the news as investors believe the new taxation will have a negative impact on housing sales, and cut into the developers' revenues.

Property tax proposals submitted by Shanghai and Chongqing, are said to only target at high-end residences and owners who have more than one home, the Shanghai Securities Journal also reported on Saturday.

Beijing is pinning hope on property taxation to discourage investors to hoard housing, which is believed to have helped a steep price rises in urban housing in 2009.

People's Daily Online


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Giant red lantern lights up in Tiananmen Square to celebrate the coming National Day on Oct. 1. (Xinhua/Li Xin)
  • A ceremony is held in Taipei, southeast China's Taiwan, on Sept. 28, 2011, to commemorate the 2,562nd birthday of Confucius (551-479 BC), a Chinese thinker, educationist and philosopher. (Xinhua/Wu Ching-teng)
  • The world's first Boeing 787 Dreamliner for delivery arrives at Haneda airport in Tokyo, capital of Japan, on Sept. 28, 2011. The Boeing 787 Dreamliner, whose buyer is All Nippon Airways (ANA), will implement a flight of ANA on Oct. 26 from Tokyo's Narita Airport to Hong Kong in south China. (Xinhua/Ji Chunpeng)
  • A Libyan National Transitional Council (NTC) fighter shows what is believed to be human jawbone found inside a mass grave near Abu Salim prison in Tripoli, Libya, Spet. 27, 2011. The NTC on Sunday said they had found a mass grave containing the bodies of 1,270 people killed by Gaddafi's security forces in a 1996 massacre at Abu Salim prison in southern Tripoli. (Xinhua/Li Muzi)
  • Rescue workers and local residents search for survivors after a building collapsed in old Delhi, India, Sept. 27, 2011. At least 10 people were killed and 35 injured when an old three-storey building collapsed. More than a dozen people are still feared trapped under the debris, police said. (Xinhua/Partha Sarkar)
  • A visitor has flying experience in the windmill castle of Jinshitan National Holiday resort in Dalian, northeast China's Liaoning Province, Sept. 27, 2011. The castle is a 23-meter-high building with 21 meters in diameter. The castle uses wind tunnel to make objects floating in the air. It is the first indoor stadium in China, which enables people to have flying experience. (Xinhua/Zhang Chunlei)
Hot Forum Discussion