China will postpone the expansion of a pilot program to implement a property tax, the official China Securities Journal reported, citing anonymous official sources, who added that Beijing intends to keep a tight lid on the property market through other means in tier 1 cities.
The officials were quoted as saying the market was not yet mature enough for wider implementation of the tax, citing the general complexity of the residential housing market, the lack of clarity regarding property rights and technical issues as reasons for the delay.
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Reuters via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/xJVLLd3WWKM/
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