Replies to post #190 on China Housing Market (Boom or Bust)

[xero90]

China: Beijing May Launch Property Tax in 2nd Half 2011:Press

Thursday, May 19, 2011 - 20:37

http://imarketnews.com/?q=node/31081

BEIJING (MNI) - Beijing is likely to introduce a property tax as soon as the second half of this year, the official China Securities Journal reported Friday, citing an unidentified source.

The municipal party commission held a meeting with the city's top officials and asked for their support for the idea, the newspaper cited another unidentified official as saying.

China started property tax pilot programs in Shanghai and Chongqing at the end of January, part of the government's efforts to cool rapidly rising housing prices through the nation.

Property prices in Beijing rose 2.8% year-on-year last month, down from 4.9% in March, the National Bureau of Statistics reported Wednesday.

Overall Chinese property prices rose 3.3% y/y in April, down from March's 4.2% increase, according to a weighted average calculated by Market News International based on government price data from 35 cities around the country.