China has turned the screws on overleveraged property developers. Now, it’s planning for lengthy trial runs of property tax in some places as plans for a nationwide levy runs into resistance.
The National People’s Congress Standing Committee, the country’s top legislative body, passed the tax-pilot program on Saturday, the official Xinhua News Agency reported. The State Council, China’s cabinet, is expected to disclose details in the next few months, including which regions this initiative will cover and how the tax rate will be set, people familiar with government deliberations said.
But his broad property-tax push has met heavy resistance from within the ruling Communist Party, including both the elites and its rank-and-file members, The Wall Street Journal reported this week., according to people familiar with the deliberations. A new law aimed at advancing the tax across the country likely won’t be finalized until around 2025, the last year of the current five-year development plan, the people said.
More than 90% of urban Chinese families own their homes, according to official data, and about 10% of the households own at least three properties. Meanwhile, property and related industries account for nearly one third of the country’s output.
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