BEIJING: China's regulators on Tuesday (May 11) held a meeting on the reform and trial work of property tax, which is widely seen as a powerful tool to curb rampant speculation in the housing market.
Government entities including the finance ministry, housing ministry and taxation administration solicited opinions from representatives from some cities, experts and scholars on the pilot work of implementing the real estate tax, the Ministry of Finance said in a statement on its website.
The ministry did not further elaborate on the specifics of the meeting.
China's property market quickly regained strength last year after the coronavirus crisis. A consistent rise in house prices in bigger cities, now spilling over into smaller ones, has raised concerns about financial risk and overheating.
The finance ministry spokesperson said last month that China will proactively and stably push forward with property tax legislation and reform, leading to share price drops in Chinese real estate developers.
In March, China omitted mention of property tax in its 2021 legislative plan for a second consecutive year as the government focuses on boosting consumption to cement an economic rebound.
The legislation remains in the country's economic development plan for 2021-2025.