Tax Measures to Lower Housing Price

By staff reporter Hou Ruili

At the ongoing session of the Chinese People’s Political Consultative Conference delegate Wang Chaobin urged the government to cut taxes and fees on real estate projects to lower development cost in an effort to bring down housing prices. Wang is vice chairman of the Federation of Industry of Commerce of Henan Province, vice chairman of the province’s Foreign Businesses Association and president of Taixing Real Estate Company. He also suggested a discriminative property tax, charging the full rate on villas, cutting it by half on homes of 90 to 130 square meters and exempting it on homes below 90 square meters. This will help citizens most in need of a home can afford one.