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China Gets Closer to Game-Changing Property Tax

  • Ex-finance minister says legislature may review bill this year
  • UBS estimates that levy could come into effect in 2019
Views Of Shenzhen Ahead Of China Property Price Numbers
Photographer: Brent Lewin/Bloomberg

China said a bill for a property tax is being drafted, moving a step closer to a levy that could help tame runaway home prices.

Officials are working on the measure, Vice Finance Minister Shi Yaobin said in a Wednesday briefing in Beijing during the annual meeting of the National People’s Congress. Former Finance Minister Lou Jiwei told reporters that a draft bill may be reviewed by the legislature this year.