Switzerland is likely to scrap a century-old tax on real estate and introduce a new levy that will target second homes — such as mountain chalets — to offset any budget shortfalls https://t.co/iQcPQwGZkY ...

Core Viewpoint - The real estate market is experiencing significant downward pressure, with many homeowners facing challenges due to declining property values and increased holding costs [3][11][21] Group 1: Market Conditions - Many cities have seen substantial declines in property values, with Wenzhou experiencing a peak-to-date drop of 63.14% and Shenzhen down 30.06% [1][2] - The oversupply of housing and high vacancy rates, particularly in lower-tier cities, have contributed to the current market downturn [5][9] - The purchasing power of consumers has been overstretched, with household leverage rising to over 60%, limiting their ability to take on more debt [7][11] Group 2: Challenges for Homeowners - Homeowners with multiple properties are facing three major challenges: decreased wealth, increased holding costs, and difficulties in renting out properties [11][13][17] - The liquidity of real estate has diminished, making it harder for homeowners to sell properties, leading to a perception of wealth loss [11][15] - Holding costs, including property management fees and potential future property taxes, are expected to rise, adding financial strain on homeowners [13][15][21] Group 3: Future Outlook - The trend of declining property values is likely to continue, with younger generations showing less interest in homeownership due to economic uncertainties [19][21] - The implementation of property taxes could further increase the financial burden on homeowners, particularly those with multiple properties [21]

Core Viewpoint - The article highlights the trend of proactive fiscal spending in the early months of the year, with a significant focus on social welfare and public services, despite a decline in overall fiscal revenue growth. Group 1: Fiscal Revenue and Expenditure - In the first two months, general public budget revenue reached 4.4 trillion yuan, showing a year-on-year decline of 1.6%, which is below the previous year's growth of 1.3% and the budget target of 0.1% [3] - The general public budget expenditure was 4.5 trillion yuan, with a year-on-year growth of 3.4%, slightly lower than the previous year's growth and the target of 4.4% [5] - The broad fiscal deficit reached 621.7 billion yuan, marking a historical high for the same period, indicating significant expenditure pressure amid declining revenue [2] Group 2: Focus on Social Welfare - There was a notable increase in the proportion of expenditure directed towards social welfare, education, and employment, while infrastructure spending saw a decrease [6] - The central government's expenditure growth rose to 8.6%, while local government expenditure growth fell to 2.7% [5] - Personal income tax revenue showed a rebound with a growth rate of 26.7%, reflecting marginal improvements in residents' income [4] Group 3: Government Fund Performance - Government fund revenue growth recorded a decline of 10.7%, falling short of the initial budget target of 0.7% [7] - Government fund expenditure growth decreased to 1.2%, which is below the initial target of 23.1% but higher than the previous year's growth of 0.2% [7]