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China Widens Property-Tax Trials With Levy on Home Owners

  • Plan for trials aims to guide rational buying: Xinhua
  • NPC-approved plan will last for five years, report says
Residential developments in Shanghai.

Residential developments in Shanghai.

Photographer: Qilai Shen/Bloomberg
Updated on

China’s State Council will expand property-tax reform trials to more areas and start taxing residential property owners, official news agency Xinhua reported. 

The plan, approved by the National People’s Congress Standing Committee, China’s top legislative body, is designed to guide rational property buying and will last for five years, according to the report. The locations and number of areas where the trials will be undertaken were not specified.