253: China to announce more measures to cool property sector

Navigation trail: / latestnews / archive / 253 - published: 04-01-07

BEIJING (XFN-ASIA) - China's central government is expected to announce more measures to cool the property market as home prices in many cities continue to rise, the South China Morning Post reported, citing a property company official.

Property prices continued to rise after the government launched a campaign to cool the real estate market last year, Centaline China Property Consultants managing director Lai Ming-kai was quoted as saying.

New measures to regulate the industry are expected to include tax charges and an increase in land supply, the report said.

'It has long been rumored that the central government will impose a tax on property owners. The tax (will be) similar to the rates in Hong Kong; the more properties you own, the more tax you have to pay,' Lai said.

In June, measures to deter speculative investment in high-end property and to rein in rapid price rises included higher mortgage rates and downpayments. The government also increased capital gains taxes on property and issued guidelines on buying by foreigners, the report added.

Source:

ABCMoney.co.uk