Core Viewpoint - The Chinese real estate market has undergone significant changes, with a dramatic increase in property prices followed by a recent downturn, leading to contrasting expert opinions on future trends [1][2][3][4] Group 1: Historical Price Trends - Since the housing reform in 1998, the average national housing price has surged from approximately 2000 yuan per square meter to 11,000 yuan per square meter, a rise of over 5.5 times [1] - In first-tier cities, prices have escalated from 3000 yuan per square meter to 65,000 yuan per square meter, marking an increase of more than 20 times [1] Group 2: Future Price Predictions - Optimistic experts predict that by 2030, the average national housing price could reach 90,000 yuan per square meter, while prices in Beijing may exceed 800,000 yuan per square meter [1] - Conversely, pessimistic views suggest that the real estate market is entering a downward trend, with price declines becoming the norm [1][2] Group 3: Demographic Changes - China's aging population is projected to exceed 400 million by 2028, while the number of young people is declining, leading to a significant drop in housing demand [2][3] - The birth rate has decreased sharply, with the number of newborns dropping from 17.86 million in 2016 to 10.63 million by the end of 2021 [2] Group 4: Taxation and Policy Changes - The introduction of property taxes is anticipated to increase holding costs for speculative investors, thereby reducing speculative demand and pushing prices to align more closely with residential needs [3] - The government is accelerating the construction of affordable housing, which is expected to create a balanced market with options for different income groups [3] Group 5: Market Saturation and Vacancy Rates - The domestic real estate market is nearing saturation, with 96% of households owning at least one property, leading to a significant reduction in future purchasing demand [3][4] - Estimates suggest that the number of vacant homes has surpassed 100 million, indicating an oversupply that limits potential price increases [4] Group 6: Long-term Value Considerations - The future value of properties will likely be determined by local income levels rather than speculative activities, suggesting a return to rational pricing aligned with residents' financial capabilities [4]

Core Viewpoint - Despite the high vacancy rates in cities, developers continue to acquire land and build, driven by the need to support local economies, meet growing housing demands, and ensure their own survival in the market [1][3][5][7]. Group 1: Economic Impact - The real estate industry is deeply embedded in the local economy, and any slowdown in land acquisition and construction by developers could significantly impact local economic development and related industries, which provide numerous job opportunities [3]. - Developers must maintain a certain pace of land acquisition and construction to ensure economic and employment stability in the regions they operate [3]. Group 2: Housing Demand - There is a growing demand for improved housing, particularly from young couples who initially purchase smaller homes but later seek larger, more comfortable living spaces as their financial situation improves [5]. - Urbanization is driving significant housing demand as many rural residents move to cities, further increasing the need for new housing developments [5]. Group 3: Market Dynamics - The perception of oversupply in the housing market is misleading; the issue lies in a small number of individuals hoarding properties without renting or selling them, which wastes resources and creates challenges for genuine homebuyers [7]. - Developers continue to acquire land and build to address the needs of first-time homebuyers, despite the high number of vacant properties [7]. - The high vacancy rates in the housing market are concerning, with first-tier cities at approximately 20-25%, second-tier cities at around 25%, and third and fourth-tier cities exceeding 30% [7].

Group 1 - The article discusses the taxation of property, specifically how to calculate property tax when replacing auxiliary equipment and facilities, stating that the value of the original equipment can be deducted from the property value [3] - It clarifies that during rent-free periods for leased properties, the property owner must pay property tax based on the original value of the property [3] - The article states that underground facilities with housing functions are subject to property tax, including those connected to above-ground buildings [3] Group 2 - It explains that the cost of acquiring land use rights should be included in the property value for tax purposes, regardless of accounting treatment [3] - The article specifies that for land plots with a floor area ratio below 0.5, the land area for tax calculation should be based on twice the building area [3]

Core Viewpoint - The real estate market is experiencing a significant downturn, with a notable increase in the number of cities witnessing falling property prices, contrasting sharply with previous trends of rising prices during peak seasons [2][4]. Market Dynamics - As of August this year, only 29 out of 100 key cities in the country saw an increase in new home prices, while 69 cities experienced price declines. In the secondary housing market, only 23 cities maintained rising prices, with 74 cities reporting price drops [2]. - Local governments are attempting to stabilize the real estate market through measures such as relaxing purchase restrictions, lowering down payment ratios, and reducing mortgage rates, but these efforts have had limited success [4]. Future Outlook - The future of the real estate market is expected to show a divergent pattern, with core locations in first and second-tier cities potentially still having room for price increases due to their scarcity and quality resources. In contrast, third and fourth-tier cities may face significant price declines [8]. - Notable figures like Cao Dewang and independent economist Ma Guangyuan predict that the value of real estate will revert to its fundamental nature, suggesting that the market will not see a rebound and that buyers in both high-tier and lower-tier cities may face price adjustment risks [10][11]. Factors Influencing the Market - A rapid decline in rigid housing demand is observed, as people's expectations for future income have decreased, leading many families to abandon their home-buying plans. Central bank surveys indicate a shift towards saving rather than investing or consuming [12]. - The exit of speculative investors from the market is contributing to a shrinking demand for real estate, as the previous profit-driven buying behavior is no longer sustainable in a declining price environment [12]. - The potential introduction of property taxes within the next five years is anticipated to increase holding costs and suppress speculative behavior, further impacting property values [12]. - The acceleration of affordable housing construction is expected to diversify the real estate market, with various housing options coexisting, thereby redistributing demand away from traditional commodity housing [13].

Group 1 - The article discusses the tax reporting requirements for various types of operators and personnel within internet platforms, emphasizing the importance of accurate information submission [4] - It provides detailed guidance on filling out specific tax reporting forms, including those for operators, personnel, and platform enterprises [4] - The article highlights the significance of compliance with tax regulations to avoid penalties and ensure proper tax management [4] Group 2 - It outlines the tax implications for changes in taxable contracts and property transfer documents, specifying how to handle changes in reported amounts [9][10] - The article explains the tax basis for business account books, indicating that the taxable amount should reflect the total of paid-in capital and capital reserves [10][11] - It details the tax obligations for property taxes related to financing leases, stating that the lessee is responsible for paying property tax based on the residual value of the property [12]

Core Viewpoints - The article discusses the current state of the real estate market, suggesting that the rental yield ratio at the bottom of the market should be around 5% optimistically and 7% pessimistically, while proposing a more dynamic formula for reasonable housing prices [1] - There is a prevailing sentiment that the era of real estate investment is over, with predictions of continuous price declines due to high inventory and decreasing population [3][4] - The article emphasizes that housing should be viewed more like a consumable good rather than a long-term investment, highlighting issues such as depreciation and liquidity [3] Group 1: Market Dynamics - The current inventory in both primary and secondary markets is substantial, and with a declining population, the demand for housing is expected to remain low [3] - The rental yield ratio is criticized as a misleading metric, as it does not account for the depreciation of property value over time [3] - The article suggests that housing prices are unlikely to rebound significantly due to demographic trends, with a specific example from Shenyang indicating a high ratio of available housing to the population [12][13] Group 2: Economic Indicators - The article references specific data from Shenyang, noting a total of 35-40 million housing units available against a population of over 9 million, with a significant portion being elderly [12] - It mentions that the birth rate is low and the death rate is high, further complicating the housing market dynamics [13] - The discussion includes the potential impact of property taxes and maintenance costs on housing demand, suggesting that these factors could further suppress buyer interest [15][16] Group 3: Future Outlook - The sentiment is that the real estate market may experience a prolonged period of decline, similar to Japan's experience in the 1990s [6][16] - There is a call for the real estate industry to focus on quality over quantity, especially during a downturn, to avoid producing subpar housing [17][18] - The article concludes that a true market bottom will only be confirmed after a period of stabilization and potential tax reforms [16]

Core Viewpoint - The article discusses the regulations and common misconceptions regarding property tax and urban land use tax in China, emphasizing the criteria for tax exemption and the obligations of taxpayers [4][5][6][7][10]. Group 1: Property Tax Regulations - Property tax is applicable to underground buildings that have housing functions, including those connected to above-ground structures [4]. - Self-built properties are subject to property tax starting from the month following their completion, while properties constructed by commissioned enterprises are taxed from the month after acceptance [5]. - Not all properties owned by exempt units are free from property tax; only specific types of properties are exempt [6][7]. Group 2: Exemptions and Taxpayer Obligations - Exemptions from property tax include properties used by state organs, public organizations, military, and certain religious and cultural sites [7][9]. - Properties rented out by exempt units do not qualify for tax exemption and are subject to property tax [9]. - Urban land use tax is applicable to units and individuals using land in urban areas, with specific exemptions for certain public and agricultural uses [10][11]. Group 3: Tax Calculation and Payment - Property tax is calculated based on the original value of the property after a deduction of 10% to 30%, with a standard rate of 1.2% or 12% based on rental income [13][14]. - Urban land use tax is based on the actual area of land occupied, with specific rates determined by local governments [13][14]. - Tax payments are made biannually, with deadlines in April and October for the respective halves of the year [14]. Group 4: Recent Policy Changes - From January 1, 2023, to December 31, 2027, small-scale taxpayers and micro-enterprises will benefit from a 50% reduction in property tax and urban land use tax [15].

Core Viewpoint - The news regarding the proposed property tax in Dengfeng's Tangzhuang Town has circulated widely, but the official announcement was deleted shortly after its release, indicating potential confusion or miscommunication regarding the tax implementation [1][5]. Summary by Relevant Sections Proposed Tax Details - On October 21, Dengfeng City released a draft proposal for the collection of property tax and urban land use tax in Tangzhuang Town, covering an area of 118 square kilometers and 27 villages (communities) [5]. - The proposed tax rate for land is set at 3 yuan per square meter annually, while property tax is calculated at 1.2% of the property value or 12% of rental income [5][14]. Exemptions and Clarifications - The property tax is specifically aimed at commercial properties and factories, with residential properties being exempt from taxation [5][12]. - The local tax authority confirmed awareness of the property tax news but directed inquiries to the publicity department, which remained unresponsive [6]. Historical Context - Tangzhuang Town has not levied property tax or urban land use tax since its establishment as an administrative town in 2017 [6]. - The earliest mention of property tax in Dengfeng's financial budget dates back to 2017, with an allocation of 18.83 million yuan, reflecting a growth of 62.89% [9]. Legal Framework - The property tax is governed by the "Interim Regulations on Property Tax" and the "Interim Regulations on Urban Land Use Tax," which outline the responsibilities of taxpayers and the basis for tax calculation [7][15]. - Current regulations indicate that personal non-business properties are exempt from property tax, with only specific cities like Shanghai and Chongqing having pilot programs for individual property taxation [11][16].

Core Viewpoint - The article aims to educate new taxpayers about property tax basics, specifically focusing on how property tax is calculated [1]. Group 1: Taxpayer Guidance - The article introduces a series of courses titled "First Lesson for New Taxpayers" to help them understand property tax [1]. - It emphasizes the importance of understanding tax obligations and provides a structured approach to learning about property tax [1]. Group 2: Tax Filing Process - Individual business owners are guided on how to declare their operating income through the natural person electronic tax bureau [8]. - The article details the steps for modifying tax declarations to ensure eligibility for personal income tax reduction policies [9][12]. - It explains the process of confirming tax data and submitting tax declarations, including the verification of income and expenses [10][12].

Core Points - The proposed property tax in Dengfeng City has sparked significant public interest and debate [1][5] - The tax proposal is based on existing regulations and is not a new tax type, as it aligns with the 1986 interim regulations on property tax [5][6] Group 1: Tax Proposal Details - The property tax will be levied on a total area of 118 square kilometers in Tangzhuang Town, covering 27 villages and communities [1] - The tax rate is set at 3 yuan per square meter annually, with property tax calculated at 1.2% of the property value or 12% of rental income [5] Group 2: Public Reaction and Clarification - The announcement triggered concerns among the public, with some viewing it as a new trial for property tax outside of Shanghai and Chongqing [5] - The local tax authority clarified that this is not a new tax but a requirement due to the administrative change of Tangzhuang from a township to a town, making it eligible for property tax collection [5][6] Group 3: Comparison with Other Cities - In Shanghai, individuals renting out properties are subject to a comprehensive tax rate of 2.5% for monthly rental income below 100,000 yuan, increasing to approximately 4% for higher incomes [6] - Similar tax structures exist in Beijing, Guangzhou, and Shenzhen, with Chengdu offering a 0% tax rate for registered rental agreements [6]