Shanghai May Levy 1.5% Property Tax on May 15, Hexun Reports

By Bloomberg News

May 13 (Bloomberg) -- Shanghai’s municipal government may levy a tax of up to 1.5 percent of the value of properties on May 15, Hexun.com reported on its Web site today, citing a developer who declined to reveal his name.

Several Shanghai-based developers have received “hints” that new policies are poised to be issued to cap property prices, and have begun to sell their properties, the Chinese-language news website reported.

--Luo Jun in Shanghai. Editor: Eugene Tang.

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