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China mulls expanding property tax to Guangzhou, Nanjing

Jan. 9, 2012 (China Knowledge) - China is likely to roll out its property tax scheme to the cities of Guangzhou, capital of Guangdong Province, and Nanjing, capital of Jiangsu Province, said Jia Kang, Head of the Research Institute for Fiscal Science at the Ministry of Finance.

Jia added that the Chinese government does not rule out the possibility to expand property tax to some second and third-tier cities in Midwest China.

Early last year, Shanghai and Chongqing, two of the four Chinese municipalities under the direct control of the central government, became the first two Chinese cities to introduce property taxes on home owners to ease the country's real estate bubble.

Nie Meisheng, Chairman of China Real Estate Chamber of Commerce or CRECC, said the country will continue to tighten regulation policies on its property market due to a sharp growth of property prices in 2010, adding that only four Chinese cities saw price declines last year.

In 2012, China plans to start and reconstruct more than 7 million apartments as parts of its indemnificatory housing project, said Jiang Weixin, minister of China's Ministry of Housing and Urban-Rural Development.

Over 5 million residential properties for low-income families will be completed this year, Jiang added.

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