New luxury homes tax rolled out as china continues cooling

New and existing luxury residential property owners in China’s city of Chongqing face a new tax from tomorrow as the government continues to try and cool the country’s property market.

The tax, which was originally introduced in Shanghai and Chongqing in January, was originally rolled out for new luxury property purchases only.

However, authorities have now decided to extend the scheme in Chongqing to property-owners who purchased prior the introduction of the tax.

Source: OPP.org.uk