China yesterday launched a long-awaited property tax in two of the country’s biggest cities, but the mayor of Chongqing said the measure was not a cure-all for soaring prices.
People buying higher-end second homes in Shanghai, China’s wealthiest city, and Chongqing, home to 30 million people and the country’s fastest-growing municipality, now have to pay a 0.4 percent to 1.2 percent annual tax, officials said.
Earlier this week, the Chinese government hiked the minimum downpayment for second homes to 60 percent from 50 percent and ordered authorities to rein in property prices as it moved to quell growing public angst about high real estate costs.
The two cities announced different tax pilot projects almost immediately after the State Council, China’s Cabinet, said it had approved the trials on Thursday.
Shanghai announced a flat 0.6 percent tax on new second homes that are double the average market price. New second homes costing less will be subject to a 0.4 percent tax.
Chongqing introduced a progressive tax ranging from 0.5 percent for homes that are double the market average price and rising to a maximum of 1.2 percent depending on the value of the home.
Property prices in China’s major cities posted their fourth straight month-on-month rise last month and sales picked up pace, according to the latest government figures.
Prices in 70 major cities were up 0.3 percent last month from November and 6.4 percent higher than a year ago.
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