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International Forum Discuss China embraces an old Western tradition ... property taxes at the Political Forums; Two of China’s fastest-growing cities, Shanghai and the western megalopolis of Chongqing, announced Thursday they would impose taxes on high-end ...

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Old 01-28-2011, 12:38 PM
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Default China embraces an old Western tradition ... property taxes

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Two of China’s fastest-growing cities, Shanghai and the western megalopolis of Chongqing, announced Thursday they would impose taxes on high-end properties, in pilot schemes that other Chinese cities are expected to follow.

The long-awaited moves came one day after Beijing raised the minimum down payment for second-home buyers to 60 percent of the purchase price, up from 50 percent, in another effort to rein in property prices.
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House prices in Beijing have risen 250 percent over the past four years, according to a report by the independent Livable City Research Institute in Hangzhou.

The new trial taxes, however, will have “a relatively minimal impact on prices,” says Michael Klibaner, head of China research at Jones Lang LaSalle, a leading real estate company. “The vast majority of buyers are owner-occupiers” of moderately priced apartments that will not be subject to taxes, he points out.

Shanghai will levy an annual 0.6 percent tax on second homes, while Chongqing will charge between 0.5 percent and 1.2 percent on all residential property, depending on its value.

Those rates are too low to deter speculative buyers of multiple homes, warns Ren Xianfang, a property analyst at HIS Global Insight, a macro-economic consulting firm in Beijing. “If they care they will pass those higher costs on to tenants,” she predicts, “or they are leaving the properties empty which means they don’t care whatever the tax.”

With Shanghai’s stock market falling, and bank interest rates lower than inflation, Ms. Ren says there are no alternatives to property for investors seeking a profit. “The market fundamentals have not changed,” she argues. “Demand and supply are imbalanced.”
China embraces an old Western tradition ... property taxes - CSMonitor.com

I like chinese tea....heh heh
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Old 01-28-2011, 01:14 PM
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Default Re: China embraces an old Western tradition ... property taxes

Creeping capitalism, haha. And taxes. And all that.

And there ya go.
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Old 01-29-2011, 11:59 AM
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Default Re: China embraces an old Western tradition ... property taxes

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The long-awaited moves came one day after Beijing raised the minimum down payment for second-home buyers to 60 percent of the purchase price, up from 50 percent, in another effort to rein in property prices.
Just imagine if in the US people were required to put 50-60% down payment on a second home?
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