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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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From: RealMuLan3/20/2005 11:23:48 PM
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China is going to choose one or several medium size cities for testing the real estate tax in a couple of months. The draft they are working on now might involve all of the following:

--To tax the residence which has been bought but no one lives;
--To tax the luxury housing at higher rate;
--For second-hand housing market, the sale tax will be 5%, anywhere bet. 20-60% tax on the profit, anywhere bet. 20-60% value added tax on the profit, and 4% other additional tax.

In other word, for people to flip the property, they will have to pay at least 9% of tax even if they have not made any profit, and for those who made the profit, tax might count as high as 50% of the profit.

The main purpose is to prevent people from speculating on housing market.

For the new housing, it is still undecided whom will be taxed, the buyer or the developer?

In the first couple of years, private residence might be exempted, but eventually, all real estate property will be taxed.
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