China may look to roll out its property tax scheme to the cities of Guangzhou, Nanjing, and some second and third tier cities in the country’s midwest, the Shanghai Securities News reported on Friday, quoting a government researcher.
The government “won’t rule out the possibility of implementing the tax” in Guangzhou, Nanjing, and second and third tier cities in the midwest region, said Mr Jia Kang, head of the Research Institute for Fiscal Science at the Ministry of Finance.
Early last year, Shanghai and Chongqing became the first Chinese cities to introduce a property tax on home owners in an effort to cool rising housing prices.
China Vanke, the country’s largest developer by revenue, said earlier in the week its year-on-year sales fell 30 per cent in December, a fifth consecutive month of decline, as government measures to calm housing inflation take effect.
Source : Today – 7 Jan 2012