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China Property Tax May Be 0.6% of Value, Securities Times Says

China may levy a property tax of about 0.6 percent of the value of homes, the official business paper Securities Times reported today, citing unidentified sources familiar with the situation.

First-purchased homes will be excluded from the tax, the Shenzhen-based newspaper reported. Trials of the property tax may start as early as the end of this year if housing prices in major cities remain high, the report said.