China will set up a property tax pilot plan, taking small steps after years of dithering to tame home prices for common prosperity

China’s legislature will enact a property tax in selected regions across the country, rolling out the pilot plan as part of a wider “common prosperity” programme to enhance housing affordability and tame runaway prices.The State Council, as the government’s Cabinet is known, will select the first regions and the timing for implementing the dutiable tariff on land, as well as owners of residential and commercial real estate, according to the state news agency Xinhua.Legally owned rural homes…

China will set up a property tax pilot plan, taking small steps after years of dithering to tame home prices for common prosperity
China’s legislature will enact a property tax in selected regions across the country, rolling out the pilot plan as part of a wider “common prosperity” programme to enhance housing affordability and tame runaway prices.The State Council, as the government’s Cabinet is known, will select the first regions and the timing for implementing the dutiable tariff on land, as well as owners of residential and commercial real estate, according to the state news agency Xinhua.Legally owned rural homes…