BEIJING: China is set to expand pilot property tax reforms, state media reported, as the government battles real estate speculation in the world's second-biggest economy.
China's top legislature, the National People's Congress Standing Committee, on Saturday approved the latest plan to promote"rational housing consumption", according to the official Xinhua news agency. The announcement comes with President Xi Jinping pushing for more"common prosperity" in China aimed at spreading wealth more evenly.
China's real estate sector is in troubled waters, with home sales slumping 16.9 per cent on-year in September and deeply indebted property giant Evergrande battling a liquidity crisis.
👆🏼 Good to see the pilot programs on the radar again — consistent with our recent policy advice:
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