China’s tech hub Shenzhen prime for property tax trial at ‘critical moment’: top adviser

Quick Summary:

The expansion of the pilot programme was also suggested last year by former finance minister Lou Jiwei.“Property tax is the most suitable tax to be levied at the local level.

The property tax pilot programme began in 2011 in Shanghai and Chongqing.

But for homes priced below twice the average selling price of new residential properties in the city during the previous year – which was 91,954 yuan (US$12,890) per square metre in 2023 – the tax rate is reduced to 0.4 per cent.

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Article Details

Author / Journalist: Alice Li

Category: Business

Markets: Hong KongChinaUnited States

Topics: Housing Local Pilot Year Yuan Cities Market Debts China’s Programme Property

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-23 @ 07:30:10 (9 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 680 words

Reading Time: 4 minutes read

Sentences: 24 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 22220954

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