China to push for legislation of property tax

The market cannot be put under control even after previous curbs over the past two years.

The property tax is amongst the 69 levies which are highly prioritized by the Standing Committee of the National People’s Congress, China’s Communist Party’s mouthpiece People’s Daily reported.

According to Bloomberg, officials have been releasing statements for the urgency and importance of the property tax, with a levy that began to be trialled in Shanghai and Chongqing way back in 2011 in Shanghai and Chongqing as a national tax on home ownership is looked at us a way to cool down speculations.

“The government in this term is much more determined on the property tax,” Bank of Communications property analyst Xia Dan said. “Just think of how many signals have been sent by officials on various formal occasions.”

Despite previous curbs over more than two years paired with a big drive to promote rental housing, the country’s residential market continues to soar.

Here’s more from Bloomberg.