Govt. may tighten rules for property trusts
CHINA may further tighten control over property trusts as the Central Government stays on high alert for risks in the country s booming housing market, the Beijing Times newspaper said yesterday.
Among new requirements, property developers may be ordered to set aside more cash before they sell their projects to investors via trusts, the newspaper said, quoting unidentified industry sources. If implemented, these new requirements would make it even harder for property developers to get funding. As it is, China has cut bank lending to developers and restricted them from raising money in the stock market.
Property tax needed to fix wealth gap
A PROPERTY tax in China is desperately needed to reverse the country s imbalances in wealth distribution, Zhang Monan, a researcher with the State Information Center, wrote in a commentary published in yesterday s China Daily newspaper.
The nation needs to improve its property reporting system and to levy taxes on various personal holdings, including on real estate, capital earnings, inheritances and donations, Zhang wrote. The State Information Center is a research agency under the National Development and Reform Commission. China should also moderately shift some taxation powers to local governments from the Central Government to help extricate some local governments from excessive dependence on land for revenue, Zhang wrote.
Inflation to ease: government
THE country s inflation will fall slightly in the second half of 2011, but it will be tough to keep the full-year rise in consumer prices below the government s 4 percent ceiling, Xu Lianzhong, a director at the National Development and Reform Commission, said in remarks reported Sunday.
Wind turbine maker wins U.S. deals
XINJIANG Goldwind Science and Technology Company, a leading Chinese wind turbine maker, has won two new orders in the United States, the company said yesterday.
These two orders comprise of five 1.5 megawatt (MW) direct-drive permanent magnetic wind turbines, sold to clients in the United States, said Goldwind. The turbines will be installed in two wind farms respectively located in Ohio and Rhode Island, which are funded by local American companies.
