NDRC's Huang denies property tax comments

Huang Hanquan, assistant director of the National Development and Reform Commissions industrial institute has denied earlier reports claiming that he said China would not introduce a property tax for several years, Bloomberg reported. According to state media, Taiwan’s China Times quoted Huang as saying: "Taxes on holding of residential properties is impossible for at least another three years." The introduction of a property tax has been talked about for many years but has gained currency amid the spike in residential prices over the course of this year. While no concrete plans have been announced by the central government, the cities of Beijing, Shangai, Chongqing and Shenzhen are this year expected to roll out finalized plans for the implementation of a property tax.