The tax could ameliorate some of the perversities of China's economic model
Instead China has become a timid procrastinator in the taxation of real estate, particularly of the property built on top of land, as opposed to the land itself. It first proposed a recurring tax on the value of property in 2003. And it introduced a half-baked pilot scheme in the cities of Shanghai and Chongqing in 2011. The tax was included in the five-year legislative plan of the National People’s Congress , China’s rubber-stamp parliament, in 2015. But things went no further.
The tax could also ameliorate some of the perversities of China’s economic model. About a fifth of its urban housing stood vacant in 2017, according to the China Household Finance Survey, led by Li Gan of TexasUniversity. A property tax would make it more costly to buy second or third homes and keep them empty, in the hope of selling them on for a higher price. It could therefore discourage speculation and invigorate China’s underdeveloped rental market.
Some people also fear that the tax will crash the market. That seems unlikely. It will be some time before any revenue is actually collected. And the tax is not the only lever that policymakers can pull. China’s cities impose a variety of other impediments and deterrents to property purchases, including hefty downpayment requirements, limits on the purchase of additional flats, and rules that oblige buyers to show a history of local social-security contributions.
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