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PROPERTY

Property Tax Touted as Cure for Market’s Ills

Huang Qifan, a vice chairman of the Financial and Economic Affairs Committee of the National People's Congress, said Thursday that China's planned property tax
Huang Qifan, a vice chairman of the Financial and Economic Affairs Committee of the National People's Congress, said Thursday that China's planned property tax "is an important reform arrangement for a healthy and sustainable housing market." Above, residential buildings are seen in Huaian, Jiangsu province, on Oct. 30. Photo: Visual China

China may start to levy a long-expected property tax in the coming few years, a senior official with the top legislature’s financial committee said at the 8th Caixin Summit on Thursday.

The central government has accelerated the drafting of a property tax law since it started to experiment with this kind of tax in some cities in 2011, hoping to diversify local governments’ sources of income and control property speculation.

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