BEIJING: China is speeding up the process of launching a property tax, a director of the Ministry of Land and Resources said on March 29.

The official, at a briefing for reporters, stopped short of saying that a tax would be introduced.

Debate on the merits of a tax, which would be levied annually on the value of a property, has intensified in recent months.

Advocates say it would dampen speculative buying and hoarding of property and would give local authorities a more regular source of revenue. -- Reuters
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