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China may Expand Property Tax, Says Financial Official

01-06 14:24 Caijing

China may expand the property tax to some big cities such as Guangzhou, Nanjing, an official with the Finance Ministry said Thursday.

China may expand the property tax to some big cities such as Guangzhou, Nanjing, an official with the Finance Ministry said Thursday.

Possibilities of expanding the property tax into some smaller cities in the central and western areas could also not be ruled out, said Jia Kang, director of the Ministry of Finance’s Fiscal Science Research Center.

It should be said that the ongoing pilot program in Shanghai and Chongqing is a success, as high-end property transactions declined substantially in the two big cities, Jia said.

China introduced the property tax in Shanghai and Chongqing on January 28, 2011, as one of its efforts to rein in skyrocketing housing prices these years.

The tax should still target at high-end property owners and lower-income owners will not be affected, Jia said.

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