The revival of efforts to roll out a highly-anticipated property tax tackling soaring house prices well beyond the affordability of China’s younger generations has been announced by Chinese policymakers, reports the South China Morning Post.
The Ministry of Finance said it had attended a high-level meeting with the Budget Commission of the Standing Committee of the National People’s Congress, the Housing Ministry and the State Taxation Administration to solicit opinions from city representatives, experts and scholars on a pilot scheme for implementing the real estate tax.
It did not disclose more details about the meeting in a statement issued late on Tuesday on its website. There had been no official mention of the plan over the last two years.
The meeting signals that the central government is reviving its efforts to roll out the residential property levy soon to rein in runaway home prices, according to industry experts, after the problem was highlighted in the run-up to the “two sessions” in March.