Property taxes might have a ‘huge impact’ on China’s economy: CEO

At This particular year’s annual National People’s Congress in Beijing, senior officials said work on a draft for the tax was “steadily advancing.”

Authorities also announced that will local governments might have autonomy over the actual rate of the tax in order to minimize its effect on house prices.

Soho’s Zhang, however, argued that will the tax could hurt the country’s already-slowing economy.

Property-related industries, such as the steel as well as also cement sectors, account for about 35 percent of the economy, according to Zhang. As a result, implementing the brand-new tax might have a “huge impact” on both the real estate market as well as also the wider economy, she said.

“I doubt … This particular time might be the right time to introduce the property tax, knowing that will they’ve already eased the credit to boost the economy,” she said.

“If This particular sector gets taxed regularly, repeated as well as also heavily,” Zhang said, “that will will surely have a strong impact.”