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Govt set to impose nationwide property tax

By Liu Meng (Global Times)

09:34, October 28, 2011

The Chinese government will study the effect of private property taxes in cities such as Shanghai and Chongqing before implementing the tax nationwide, according to a senior official from the Ministry of Finance, a move that has drawn a mixed reaction from experts.

At a government conference on the construction and management of affordable houses in cities Thursday, Assistant Finance Minister Wang Baoan said that the tax policy is one of various government measures aimed at regulating the housing market, according to china.com.cn.

Taxes on properties in Shanghai and Chongqing were imposed earlier this year, and the next step is to improve the tax system, analyze the experience gained in the two cities and then speed up the application of the policy, said Wang.

Jiang Weixin, minister of housing and urban-rural development, said at the conference that the house purchase restriction had been the last administrative resort of the government against the backdrop of soaring house prices, after other measures were unable to curb the situation.

He said that the government is trying to build a platform that integrates systems of personal housing information, banks, finance, tax and public security.

"The housing information system has been developed for more than two years. Once the platform is built, the house purchase restriction method will be dropped," Jiang said.

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LovingChina at 2011-10-28183.39.38.*
"He said that the government is trying to build a platform that integrates systems of personal housing information, banks, finance, tax and public security. "The housing information system ....than two years. Once the platform is built, the house purchase restriction method will be dropped," Jiang said." ********** Statements made as read above herein are one of the most sensible remarks; but whether the intentions will be followed through is another big question as had happened often that officials were just fighting "bush-fires" and forgetting thereafter. Objectively, the main issues of house prices are neither detrimental to real estate market sentiments nor the causes of a feared bubble; but the fair shares & distributions of land deals between developers & governments had not focussed to build affordable homes for ordinary folks to purchase as their 1st-home, albeit corruption remaining a strong contender. However, this 1st-home is also very badly distorted because China and governments lack a fully integrated national system tying ownership details, loans or mortgages & tax profiles of all its citizens, residents & companies. In addition, is there a national database and platform to monitor & restrict foreign visitors and companies from engaging in real estate speculations from one province to the next? Speculation is a market mover as in stock markets but it causes more harms than good, ultimately!
  

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