By JAMES T. AREDDY
SHANGHAI—Shanghai's mayor on Friday said the city will impose a controversial tax on property, a move by China's richest city that may be rolled out nationally as authorities scout for new ways to cool housing prices.
Mayor Han Zheng told a rare press conference that Shanghai's ambition as a global center for finance, trade and shipping depends on controlling "distorted" home prices, which he said threaten to drive away talent as people fear being "slaves of their house." The tax is a "future-oriented" policy, the 56-year-old mayor said, adding "If we cannot solve the housing issue, there will be no future for the city of Shanghai."
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Saturday, January 22, 2011
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"Unaffordable real-estate is one of the most important factors illustrating the gap between China's growing middle class and its massive population of have-nots, which the ruling Communist Party describes openly as a potential risk to its power."
ReplyDeleteThis is an issue you hear a great deal about from ordinary Chinese citizens that are apprehensive about the future.