Shanghai tax plans push flat movements up

Tuesday, 14 August, 2012, 6:32am

Yvonne Liu

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Shanghai's plan to impose property tax led to a sharp increase in property sales this month. Data by Midland China Research Centre showed a total of 8,291 new flats in the city were sold from January 1 to 16, 35.45 per cent more than a year earlier. Sales volume jumped 40.01 per cent to 858,000 square metres during the same period. The city reported it would levy a 0.5 to 0.6 per cent tax on the value of new properties if per-person ownership exceeded 60 to 70 square metres.