THE government would soon launch a long-waited property tax, most probably before the annual meeting of the National People s Congress in March, China Securities Journal reported yesterday.
It also said Shanghai and Chongqing would be among the first cities to launch a trial, after checking with local housing and tax authorities, adding the exact date had yet to be determined.
The best timing should be before the gathering of the National People s Congress and the Chinese People s Political Consultative Conference in March, the newspaper quoted unnamed industry sources as saying.
The focus of the pilot program in Shanghai was expected to be on new homes while Chongqing could impose the tax on high-end houses and villas, separate reports by other Chinese-language newspapers said yesterday.
Reports said that the central economic working conference this weekend would discuss details of the property tax, which would then be launched early next year.
China s State Council, the Cabinet, has repeatedly vowed to start a trial as soon as possible, without giving any further details about the program.
Concerns about further tightening on the property market, particularly the property tax, weighed heavily on the domestic stock market over recent months.
The property tax is believed to be an effective tool to rein in the red-hot property market speculation and is expected to stabilize housing prices in major Chinese cities.
(SD-Agencies)
