China may extend its property tax scheme to cities such as Nanjing and Guangzhou and some second- and third-tier cities in the country’s midwest, according to Shanghai Securities News.
The government “won’t rule out the possibility of implementing the tax” in the cities mentioned, said Jia Kang, Head of the Research Institute for Fiscal Science at the Ministry of Finance.
Early last year, Shanghai and Chongqing became the first cities in China to impose property taxes, in an effort to bring down skyrocketing prices.
China Vanke, the country’s biggest developer by revenue, said its year-on-year sales dropped for a fifth consecutive month by 30 percent in December, as the government cooling measures took effect.
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