Shanghai and Chongqing offer hints of how China’s property tax would work, and be ignored by runaway home prices

Shanghai and Chongqing, two of China’s biggest urban centres, offer a hint of what a property tax would look like as the Chinese legislature gave its nod last week to kick off the tariff after a decade of stop-go measures to rein in runaway home prices.The two municipalities, with a combined population of almost 60 million residents, were the test beds in 2011 for a tax that still remains, although its nationwide roll out was deferred two years later when Xi Jinping took over as president,…

Shanghai and Chongqing offer hints of how China’s property tax would work, and be ignored by runaway home prices
Shanghai and Chongqing, two of China’s biggest urban centres, offer a hint of what a property tax would look like as the Chinese legislature gave its nod last week to kick off the tariff after a decade of stop-go measures to rein in runaway home prices.The two municipalities, with a combined population of almost 60 million residents, were the test beds in 2011 for a tax that still remains, although its nationwide roll out was deferred two years later when Xi Jinping took over as president,…