Property tax plans delayed by real estate crisis

The planned introduction of a nationwide property tax may be postponed due to turmoil in China’s real estate market, according to an analyst close to the government. „Now may not be an appropriate time to launch the trials as the economy and the real estate market are both under pressure,“ Bloomberg quotes Liu Jianwen, a professor at Peking University, as saying. Liu is a legal adviser to the Finance Ministry and a legislative adviser to the standing committee of the National People’s Congress. Leaders are currently „very cautious“ about the property tax. However, the idea will not be put on hold for long, as the leadership is „very determined“ to implement the new property tax, Liu said.