After mulling a property tax for 18 months, the government has finally made a move on the eve of the Year of the Rabbit. The new tax implemented this week in the test cities of Chongqing and Shanghai can only instil relief among property owners and developers. Indeed, coming after dire predictions by developers of high tax rates, it is being compared to the “red envelopes” the Chinese hand to younger people at the Lunar New Year, which starts this Thursday.
The tax, which will...
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