China Overseas Land says expects wider application of property tax

HONG KONG Fri Aug 10, 2012 3:06am EDT

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HONG KONG Aug 10 (Reuters) - China Overseas Land & Investment expects more restrictions in China's property industry, chairman Kong Qingping said on Friday.

"I expect there will be some policy changes toward a long-term policy instead of short-term policy, for example expanding the wider application of the property tax," he said at the company's post-earnings press conference.

The Chinese cities of Shanghai and Chongqing were the first cities to impose a property tax, something Kong expects to be applied more widely.

The company said it plans to spend HK$25 billion ($3.22 billion) on new land acquisition in 2012. After being cautious in the first half of this year, China Overseas said it will increase its land bank in the second half of 2012 and the first half of next year. ($1 = 7.7556 Hong Kong dollars) (Reporting By Alex Frew McMillan; Editing by Muralikumar Anantharaman)

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