Tax rumour drags down developers

PUBLISHED : Tuesday, 11 January, 2011, 12:00am
UPDATED : Tuesday, 11 January, 2011, 12:00am

Shares of mainland developers came under pressure after yet another rumour about the launch of the long-awaited property tax. The Ministry of Finance has agreed in principle to allow Chongqing to impose a property tax in the first quarter of this year, Xinhua said, citing unidentified sources. Shanghai is also expected to levy the new tax in the first quarter, according to Securities News. CC Land Holdings, which focuses on the Chongqing market, fell 2.84 per cent to HK$3.08, while China Land Resources fell 2.99 per cent to HK$14.90.