Economy

Chongqing gov't seeks to impose property tax

(Xinhua)
Updated: 2011-01-10 09:04

CHONGQING - Southwest China's Chongqing municipality could be one of the first Chinese cities to impose a housing property tax, if an ongoing local parliamentary session approves a government work report delivered by mayor Huang Qifan.

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Members of the municipal people's congress on Sunday were reviewing the government report that looks to impose a tax on high-end houses.

However, the report does not clearly state what kind of high-end houses would be taxed.

Sources with the municipal government say it is rushing to draft a detailed regulation which is likely to be promulgated in the first quarter, if it is endorsed by the local legislature next week.

No further details on the issue were available.

Local governments in many Chinese cities including Beijing and Shanghai are deliberating imposing a housing property tax to reign in wildly inflated property prices.