China to expand property tax to more cities

The State Council has decided to expand property tax to more pilot cities this year, Shanghai Securities News reported Thursday.

It is unknown which cities will be pilot cities and what taxation plan will be adopted, Qin Hong, director of the Policy Study Center of Ministry of Housing and Urban-Rural Development of China, told Shanghai Securities News.

Taxation for owning a property and trading a property will both be considered, the Shanghai Securities News reported, citing Xie Xuren, Minister of Finance.

The Ministry of Finance, State Administration of Taxation and the Ministry of Housing and Urban-Rural Development are evaluating the effects of property taxation in the pilot cities of Chongqing and Shanghai, according to the Shanghai Securities News.

The 'Shanghai model' may be applied in new pilot cities, the newspaper reported, citing an unnamed analyst.