China Developers Deny CCTV Report on Unpaid Land Taxes
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Chinese property developers including Gemdale Corp. and Beijing Capital Development Co. denied a China Central Television report, which claimed they were among 45 firms that failed to pay at least 3.8 trillion yuan ($624 billion) in land taxes between 2005 and 2012.
Gemdale doesn’t owe land appreciation taxes and its results have fairly reflected its financial position and business performance, it said in a filing to the Shanghai stock exchange today. Beijing Capital Development, BBMG Corp and Beijing Vantone Real Estate Co. also made similar clarifications in stock exchange filings today. All four were mentioned in the CCTV report.