September 21, 2010 / 12:55 AM / in 7 years

China property tax may start from next year -media

BEIJING, Sept 21 (Reuters) - China may impose a property tax beginning early next year, the China Business News reported on Tuesday, citing an unidentified source who said an announcement could come during weeklong holidays starting Oct. 1.

Rumours about a property tax have weighed heavily on the domestic stock market .SSEC in recent months.

“There are several proposals, but it’s still unclear which one will be taken. But there is a high possibility that it’ll be implemented on Jan. 1 next year,” the source told the newspaper.

It also cited another source close to the National Development and Reform Commission, China’s powerful economic planner, as saying that the agency had rejected a first draft from Shanghai, adding that the city has not yet submitted a revision.

Other cities, including Shenzhen and Chongqing, have been reported to be considering a trial of the property tax.

    With property transactions and prices showing some signs of a rebound, investors are concerned that China will roll out new tightening measures.

    Beijing announced a slew of steps in April to rein in excessive real estate price rises and to curb property speculation. (Reporting by Langi Chiang and Simon Rabinovitch; Editing by Ken Wills)

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