China to Include Shenzhen in Property Tax Expansion Scheme

China to Include Shenzhen in Property Tax Expansion SchemeThere will be a possibility for China to include Hangzhou and Shenzhen in its planned property tax expansion scheme that will be implemented this year.  Economist and property expert Zheng Ronghua said that the National Development and Reform Commission is the one responsible for the expansion of the new tax scheme that will include cities beyond Chongqing and Shanghai.

Although the exact cities that will implement the tax have not yet been named, the tax is said to be similar to the property tax that is usually levied in other countries and that it is expected to increase the costs of having more than one apartment thus reducing speculation. Shenzhen will pilot the tax program this year since housing prices in the city is high and is growing fast and is attracting number of speculators. And because Shenzhen have a sound housing date it will be easier to implement the tax here.

Prices in Shenzhen increased by 1.8 percent last April with a 1 percentage point slower that in March, and are China’s top legislature chooses Shenzhen to pilot the tax program the city will then carry out the State decision.

Comments are closed

The Contributor

Follow me on twitter: TriaSasin

    Connect with Jasmin:
  1. - Email: Click here

Have Your Say!

Which part of Shenzhen has the best quality of life for foreigners?

View Results

Loading ... Loading ...

  1. Etienne Ducrot: Hi, I’m interested to contact this Foundation. Do you know how? Thanks. Etienne
  2. Emma: Hi Jasmin, I’ve read your article about a new medical center opens in Nanshan at the end of this month....
  3. sherry lee: A simple story with great words…I love it.
  4. Evangeline: Awesome piece!
  5. Glenda: Hi there, I enjoy reading through your article post. I wanted to write a little comment to support you.