An official with the Ministry of Housing and Urban-rural Development's policy research center told journalists yesterday that the fact that revenue from the two pilot property tax programs that were introduced in Chongqing and Shanghai earlier this year have failed to raise much revenue is a sign of the success of the policy. Qin Hong, the deputy head of the research center said that the pilot tax program was specifically aimed at reducing the amount of high-end housing. As of the end of April this year, only 700,000 yuan and around 1 million yuan in property tax revenue had been collected in Chongqing and Shanghai respectively.

Source
Beijing Times

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