The policy will lead to a significant shift in China’s real estate market.
On 23 Oct. 2021, the Standing Committee of the Thirteenth National People’s Congress adopted a decision to authorize the State Council to pilot real estate tax reforms in certain regions.
The real estate tax should be levied on all types of residential and non-residential property in pilot regions, while lawfully-owned rural homesteads and houses built on them are excluded.
A specific approach to the pilot real estate tax is developed by the State Council, and specific implementation details are formulated by local governments in pilot regions
The decision shall come into effect as of the promulgation date, and the date of start of the five-year pilot program will be determined by the State Council.
Cover Photo by Meiying Ng on Unsplash
Contributors: CJO Staff Contributors Team
