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CHINA PRESS: Curbing real estate speculation and the housing bubble is a
long-term and arduous task, and thus the government should consider introducing
consumption tax, turnover tax, vacancy tax, or even property tax, said Qiu
Baoxing, the State Council counselor and the former Deputy Minister of Housing
and Urban-rural Department, according to the Economic Daily on Monday.
- The implementation of property tax can be held off for another five years,
while the other three taxes can be implemented first, so as to "flatten" rather
than "puncture" the real estate bubble, Qiu said. This will help maintain the
consumption power and the wealth of residents, Qiu added.
- The housing vacancy rate in China is relatively high, with the rate in some
cities like Ordos in the Inner Mongolia region reaching as high as 70%, while
that of Beijing falls between 10% to 20%. In countries that have introduced the
vacancy tax on empty housing, the rate is around 5%, Qiu said.