Chongqing Mulls Tax on Luxury Housing

(Beijing) - The municipal government of Chongqing is set to implement property taxes on luxury homes as part of a pilot program for a nationwide launch of the tax.

The Chongqing government issued a circular on December 8 to further rein in the red-hot housing market, with measures to increase land supply for welfare housing, terminate income tax exemptions for home sellers who repurchase new homes within a year and directives to implement the tax on luxury housing. The government has yet to release the timetable of the new property tax.