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China urged to push ahead with controversial property tax as ‘inevitable’ solution to local debt crisis

Summary:
[unable to retrieve full-text content]China’s latest move to introduce a controversial property tax represents a fresh crackdown on property speculation and a curb on runaway home prices, but analysts believe it is also an “inevitable” solution to help solve the nation’s debt crisis and ensure financial stability.A new scheme, like many Western countries, would eventually cover ordinary Chinese households. At the moment, taxes and fees are mainly collected only at land auctions, or in the property development or trading process,…

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[unable to retrieve full-text content]
China’s latest move to introduce a controversial property tax represents a fresh crackdown on property speculation and a curb on runaway home prices, but analysts believe it is also an “inevitable” solution to help solve the nation’s debt crisis and ensure financial stability.A new scheme, like many Western countries, would eventually cover ordinary Chinese households. At the moment, taxes and fees are mainly collected only at land auctions, or in the property development or trading process,…

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