Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Hong Kong
  4. Hong Kong Stock Exchange
  5. China Evergrande Group
  6. News
  7. Summary
    3333   KYG2119W1069

CHINA EVERGRANDE GROUP

(3333)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

China could widen property tax trial, official media outlet reports

10/17/2021 | 02:48am EST
FILE PHOTO: File photo of an excavator at a construction site of new residential buildings in Shanghai

BEIJING (Reuters) - China could expand pilot testing of a property tax to Zhejiang province, a former government expert was quoted as saying in an official media outlet on Sunday, the latest sign that the country is moving closer to adopting the long-discussed levy.

China launched a pilot property tax programme in Shanghai and Chongqing in 2011, and experts have in the past suggested that the pilot testing be broadened to include Shenzhen city and Hainan province, according to state media.

President Xi Jinping on Friday called for progress on a property tax that could help reduce wealth inequality as the country strives to achieve his goal of "common prosperity" by mid-century.

"China could consider conducting system innovations to expand the scope of property tax while moving forward with tax legislation as soon as possible," said Jia Kang, ex-director of the finance ministry-backed Chinese Academy of Fiscal Sciences, according to China Property News, which is managed by the housing ministry.

China has mulled introducing a property tax for over a decade but has faced resistance from stakeholders including local governments, which rely on revenue from land sales and worry it would erode property values or trigger a market sell-off.

However, such a tax could help curb rampant speculation in the housing market, which has come under intense global scrutiny as massive developer China Evergrande Group struggles with a debt and liquidity crisis.

Jia suggested extending the property tax trial to the wealthy eastern province of Zhejiang.

Real estate prices vary greatly within China, with prices many times higher in tier-one cities such as Beijing and Shanghai compared with markets in hinterland cities.

"Generally speaking, third- and fourth-tier cities would not be among the first batch for a property tax trial," Jia said, adding that any property tax regime should adapt to regional circumstances.

China has been collecting property taxes on certain categories of high-end residences in Shanghai and Chongqing since the pilot programme started in those cities in 2011.

In March, the Chinese government said in its development plan for 2021-2025 that it would push for property tax legislation over the next five years, but there was no mention of such a tax in the country's 2021 legislative agenda for the second consecutive year.

(Reporting by Muyu Xu and Tony Munroe; Editing by Ana Nicolaci da Costa)


© Reuters 2021
All news about CHINA EVERGRANDE GROUP
11/30China's property woes worsen as home prices slip in November-survey
RE
11/30China's Manufacturing Sector Buoys Business Activity in November as Services Industry G..
MT
11/29Evergrande shares dive after chairman sells stake
RE
11/29Inside the Fed's Powell-Brainard Policy Alliance; Eurozone Inflation Narrative in Spotl..
DJ
11/29MarketScreener's World Press Review - November 29, 2021
11/29NORTH AMERICAN MORNING BRIEFING : Stock Futures -2-
DJ
11/29Hong Kong shares end at 1-year low on Omicron concerns; Meituan slumps
RE
11/29China's Danzhou City Tightens Oversight of Evergrande's Property-For-Debt Plan; Shares ..
MT
11/28Evergrande shares fall after chairman cuts stake; Fantasia suspends trading
RE
11/28Evergrande NEV Returns Undeveloped Land to Government for $201 Million
MT
More news
Analyst Recommendations on CHINA EVERGRANDE GROUP
More recommendations
Financials
Sales 2021 530 B 67 952 M 67 952 M
Net income 2021 9 514 M 1 221 M 1 221 M
Net Debt 2021 453 B 58 181 M 58 181 M
P/E ratio 2021 3,06x
Yield 2021 1,73%
Capitalization 29 049 M 3 728 M 3 728 M
EV / Sales 2021 0,91x
EV / Sales 2022 0,62x
Nbr of Employees 163 119
Free-Float 27,4%
Chart CHINA EVERGRANDE GROUP
Duration : Period :
China Evergrande Group Technical Analysis Chart | 3333 | KYG2119W1069 | MarketScreener
Technical analysis trends CHINA EVERGRANDE GROUP
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 9
Last Close Price 2,20 HKD
Average target price 6,34 HKD
Spread / Average Target 188%
EPS Revisions
Managers and Directors
Hai Jun Xia Vice Chairman & Chief Executive Officer
Shou Ming Shi President
Da Rong Pan Chief Financial Officer & Executive Director
Ka Yan Hui Chairman
Dong Feng Chen Head-Information
Sector and Competitors
1st jan.Capi. (M$)
CHINA EVERGRANDE GROUP-85.23%3 878
CHINA VANKE CO., LTD.-35.64%32 205
VONOVIA SE-12.73%31 771
DEUTSCHE WOHNEN SE-7.83%17 722
VINGROUP JOINT STOCK COMPANY10.21%17 098
VINHOMES JOINT STOCK COMPANY20.41%16 205