China Weighs Property Tax

China is considering introducing new or higher taxes on real estate, possibly even a U.S.-style property tax, which would mark a significant escalation of its struggle to cool down a booming property market now widely being described as a bubble.
中国正在考虑对房产加征更高的新税项，可能仿效美国引入房产税；眼下人们普遍认为中国的房产市场存在泡沫，此举标志着中国政府控制房产市场过热的努力跃上了一大台阶。

How authorities handle any kind of property tax -- the prospect of which is fiercely opposed by some property developers -- will have significant implications for China's economy, and will ripple through global markets. The construction boom is the main driver of the current recovery in China, and is one of the few parts of the world economy growing strongly right now. Construction also underpins China's demand for raw materials, which has helped to support global prices for commodities, such as copper and iron ore.
这一税项的征收可能招致部分地产开发商的激烈反对，中国政府将如何处理房产税的问题将对中国经济产生重大影响，并可能波及全球市场。房地产业的蓬勃发展是当前中国经济复苏的主要推动力，目前中国是全球绝无仅有的几个经济强劲增长的地区之一。地产业也支撑了中国对原材料的需求，推动了铜和铁矿石等大宗商品全球价格的走高。

In recent months, many prominent local economists have urged authorities in Beijing to make more use of the powerful tool of taxation to curb property speculation and rein in runaway prices. China now levies several types of taxes on property sales, but authorities are said to be considering higher transaction taxes that target luxury properties, or possibly a tax on property values similar to the kind levied by local governments in the U.S.
近几个月来，许多知名本土经济学家都在敦促政府更多利用税收这一有力工具来遏制房产投机、控制飞涨的价格。目前中国向房产销售征收了几种不同的税项，但据说政府正在考虑面向豪宅征收更高的交易税，或仿照美国地方政府那样基于房产价值征税。

The reasoning is that higher taxes will make it less attractive to invest in real estate. And giving local governments more revenue from property taxes could reduce their incentive to keep prices high to profit from sales of land-use rights.
这么做的原因在于税率的提高将削弱人们对地产投资的兴趣。而且让地方政府从房产税中获得更多收入将使它们不再那么热衷于保持房价高企、让自己从拍地中获益。

Opponents fear new taxes would shatter confidence in the real-estate market, leading to a bust that would damage the entire economy.
对此持反对意见的人士则担心新税项的推出可能会破坏地产市场的信心，进而可能伤害整个国家经济。

In a notice last week announcing a package of policies to contain rapidly rising housing prices, China's State Council told tax authorities to speed up the drafting of tax policies that will 'guide appropriate purchases of housing and regulate personal gains from property.' The government has given few details publicly, and local media have in recent days been filled with conflicting reports about the different types of taxes that could be introduced in various areas.
中国国务院在上周发布了《关于坚决遏制部分城市房价过快上涨的通知》，文中要求税务机关要加快研究制定引导个人合理住房消费和调节个人房产收益的税收政策。政府这几天来并未发布具体相关细则，在有关征收何种税项的问题上各地媒体也充斥着自相矛盾的报导。

'The details of the tax are very sketchy right now, but there is a sense of urgency from the government to ease prices, not just for economic reasons, but also for social reasons. The rich-poor disparity is troubling,' said Wu Jianxiong, an analyst from Central China Securities.
中原证券(Central China Securities)分析师吴健雄说，目前关于这些税项的信息还非常粗略，但是能看出政府在调整价格方面的紧迫感，这不光基于经济考虑，也是出于社会原因，贫富差距问题正困扰着中国社会。

Average urban-property prices in China rose an average of 11.7% in March, the fastest pace since the Chinese government began releasing the data in July 2005. Prices in major cities such as Shanghai and Beijing are increasingly making property unaffordable for large portions of the population, and have become a focus of public discontent.
中国3月份70个大中城市房屋销售价格同比上涨11.7%，创下了中国政府2005年7月份发布此类数据以来的最大涨幅。北京、上海等大城市房价的飞升已经使得大部分市民无力购房，人们对此怨声载道。

China's government has promoted widespread homeownership and has repeatedly said it will continue to support first-time home buyers even as it rolls out restrictive policies aimed at investors and speculators.
中国政府仍支持民众拥有自己的住房，虽然针对房产投资和投机客推出了严格的政策，但政府仍重申将继续对首次购房者给予支持。

So analysts expect any new tax policies to be imposed on high-end residences, or target individuals who have bought multiple properties.
所以分析人士预计，如果确实有新的税收政策出台，其对象也只会是高端住宅，或已经购买了多套房产的个人。

Currently, China levies several forms of one-off taxes related to a property transaction, such as a stamp duty, an income tax and a transaction tax.
目前，中国对房产交易征收多种形式的一次性税收，比如印花税、所得税和交易税。

Though many options are being discussed, many analysts and market observers think the government could impose what is being labeled as a 'property consumption' tax on luxury property in select cities -- a term that could be interpreted as a tax on anything beyond a primary residence.
虽然有很多选项正在讨论之中，但不少分析人士和市场观察者认为，政府有可能在部分城市对高端房产征收一种叫做“房产消费税”的税种。这个概念可被解读为一种对基本住房以外一切房产征收的税种。

A more radical change would be to start levying an annual tax based on the value of people's homes -- the kind of property tax that a homeowner in the average U.S. suburb would be familiar with.
而如果以人们住房的价值为基础征收一种每年征收的税种，那将是一种力度更大的改革。这就是美国一般郊区的房主都熟悉的一种物业税。

This has been advocated by Chinese economists who say local governments need a more secure revenue source.
中国一些经济学家一直就在提倡征收这个税种。他们认为，地方政府需要有一种更加稳定的收入来源。

'The main purpose of such a tax would be to dampen speculative demand and to increase the costs of holding property for wealthy people,' said Hingyin Lee, director of research and advisory from Colliers International.
高力国际(Colliers International)研究与顾问负责人李庆贤(Hingyin Lee)表示，这样一种税收的主要目的，将是抑制投机性需求，增加富人持有房产的成本。

Chinese media have reported that such a tax may be implemented in Chongqing, a vast city in southwestern China that has been a focal point of experiments in urban governance.
中国媒体曾有报道说，重庆有可能征收这个税种。重庆是中国西南的一个大城市，一直是城市治理的重点试验地区。

In an interview with a newspaper backed by the official Xinhua news agency, Chongqing's mayor, Huang Qifan, said the city had proposed to the national government a plan for a Western-style property tax for high-end properties.
重庆市市长黄奇帆接受官方通讯社新华社旗下报纸采访时说，该市已向中央提交了一个针对高端物业征收西式物业税的方案。

Chongqing has proposed an annual tax equivalent to 1% of the value of any home over 200 square meters that has sold for three times the average market price, Mr. Huang said in the interview.
黄奇帆在这次采访中说：“我们做了一套方案，如果你这房子是200平方米（以上），但是价格又相当于市场均价的三倍以上，我就收你1%的特别税。”

The tax would rise to 1.5% if a home sells for four times the average price, and would continue rising on a progressive scale up to 5% of the full house price. The interview didn't specify how the average price would be estimated.
如果一套住房的销售价为均价的四倍，税率就会升到1.5%，如果销售价再高上去，税率就会大幅提升，最高达到5%。采访稿中没有具体说明怎样估计市场均价。

A Chongqing city spokesman, Wen Tianping, confirmed the details of the plan and said it had been submitted to the State Council for approval.
重庆市政府发言人文天平证实了该方案的细节，并表示方案已报国务院批准。

In a potential sign of the sensitivity of the planned tax, on Friday the interview was no longer available on the newspaper's Web site. The Chongqing city spokesman said he didn't know why the report had been taken down.
到上周五，这家报纸的网站上已经看不到上述采访稿。这或许反映了新税的敏感性。文天平说，他不知道这篇报道为什么已从网上拿下。

China now collects 1.2% annual tax on 70% to 90% of the value of commercial property, and analysts say another possibility would be to extend the commercial-property tax to third and subsequent homes by classifying such properties as income-generating.
中国目前对商用房产按其价值的70%到90%每年征收1.2%的税。分析人士说，另外一种可能性就是把第三套及以上的住房归类为营利性房产，进而征收类似于商用房产的税。

Analysts said it is hard to predict how much further sales volumes and prices would fall under any new property-tax policy, given the lack of details over the tax policies, and that adjustments may have to be made to current transaction costs to avoid duplication.
分析人士认为，很难预计实施物业税新政策之后，住房销量和价格还会进一步下降多少，因为这些政策还缺少细节。另外他们认为，可能也需要针对当前的交易成本做一些调整，以防止重复计税。

'Sales of high-end residential homes will definitely be hit,' said Johnson Hu, an analyst from UOB Kayhian. 'Transaction volumes have already dipped this week as home-buyers take a wait-and-see approach.'
大华继显(UOB Kayhian)分析师胡继中(Johnson Hu)说，高端住宅的销售肯定会受到冲击，由于买房人持观望态度，本周的交易量已经下降。