Property tax could come as early as January 1: report

China may introduce a property tax as early as the beginning of 2011, Reuters reported, citing a state media report quoting unidentified sources close to China’s economic planners. "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 January 1 next year," one source said. A first draft of a property tax proposal was said to have been rejected by the National Development and Reform Commission. Shenzhen and Chongqing, which have also seen rapid price growth, are also considering a trial property tax. Property price growth slowed to 9.3% in August from 10.3% in July, but Beijing is said to be seeking lower prices, not slower growth.