China's Property Taxman Cometh, Someday

The swell of talk about China implementing a property tax has resurfaced – again. But unlike past years, there’s growing certainty that it’s actually coming. Just not anytime soon.

Late last week, shares of Chinese real-estate developers tanked after Li Zhanshu, chairman of the National People’s Congress standing committee, said delegates will “focus energy” on drafting a property-tax law, among more than a dozen pieces of major legislation. Premier Li Keqiang also raised the issue recently, echoing President Xi Jinping’s now-famous maxim that housing is for investment, not speculation.