Caixin
May 21, 2014 07:31 PM

Closer Look: Slowing Property Market Is Fast-Growing Problem for Local Gov'ts

(Beijing) – The recent decline in taxes collected from property developers has unnerved local governments that rely heavily on them and land sales for income. Some of them have rushed out measures to support the market.

As transactions slowed, developers' income fell and so did their contribution to government coffers. In April, the amount property companies paid in business and corporate income taxes fell from the same month last year by 4.2 and 3.1 percent, respectively, data from the Ministry of Finance show.

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