Nationwide property tax mulled for houses and land

China is likely to introduce a nationwide property tax as early as next year following trials in Chongqing and Shanghai, an official at China's top legislative body said.

The National People's Congress, the top legislature, is drafting a property tax law that is expected to wrap up later this year and be imposed in 2015, said the official from the NPC, who asked for anonymity due to the sensitivity of the issue.

Unlike the trials in Chong-qing and Shanghai, where the property tax is levied on houses only, the planned national property tax will target houses and land.