China to ‘Gradually’ Implement Property Tax System, Wen Says
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China should “gradually” establish a property taxation system that covers real estate transactions and ownership, Premier Wen Jiabao said during a visit to the finance ministry yesterday.
The comments were published in a statement posted on the central government’s website. In its more than two-year effort to curb the property market, the government has raised down-payment and mortgage requirements, imposed a property tax for the first time in Shanghai and Chongqing, increased building of low-cost social housing, and placed home-purchase restrictions in about 40 cities.