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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (2812)	3/15/2004 5:07:30 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

China mulls plan to slash housing prices -------------------------------------------------------------------------------- BEIJING - China may impose a unified real estate tax to replace a plethora of fees that currently push housing prices to sky-high levels, state media says. The unified tax could slash housing prices by as much as 50 percent, the China Daily reported. This is because in China, land leasing fees, taxes and fees make up 58% of the total housing price, compared with just 28 percent in other countries, according to the newspaper. The proposal for a unified tax comes amid new figures adding to worries that a bubble is developing at a dangerous pace in China's red-hot real estate market. China's average real estate sales price rose 3.8% last year to 2,379 yuan (287 dollars) per square meter, the National Bureau of Statistics said. This covered huge regional disparities, with average property prices in China's largest city Shanghai surging 24.2% to 5,118 yuan per square meter in 2003. Investment in China's property sector peaked last year, as real estate development investment in the country totaled over one trillion yuan last year, up 29.7% for the fastest rise since 1995, the bureau said. AFP bday.co.za