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03.07.2013 19:05

Officials Stall on Property Tax 'Because Most Own Homes'

CASS economist says 90 percent of those in power are homeowners, causing them to demur on move that would slow rising prices
By staff reporter Wang Changyong
A

(Beijing) – The idea of a property tax is opposed by more than 90 percent of government officials because many own several or more homes, an economist at the Chinese Academy of Social Sciences (CASS) says.

That was why it is difficult for the country to introduce the tax, said Zhang Zhuoyuan. He added that a property tax "is the effective way to better control the real estate market."

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