Real estate tax played down

Business | Jeannie Tang 12 Mar 2019

R&F Properties' (2777) chairman Zhang Li said the market will be influenced by the real estate tax to a certain extent, but not by a lot as it has been proposed for a long time.

He predicted the mainland property market to be relatively stable this year since there is sufficient land and home supply.

Meanwhile, the mainland developer Future Land (1030) set its sales target at 2.7 trillion yuan (HK$3.15 trillion) this year, a 22 percent jump from 2018.

Its chairman Wang Zhen-hua said the existing area is worth 5 trillion yuan and its 55 percent sales rate could help achieve the target.

He added the real estate tax in the mainland will not be imposed in five years and the housing policy in the first and second tier cities has turned from an adjusting period to a more stable period, while third and fourth-tier cities will be eased.

Its sister company Xinchengyue Holdings (1755), a property management services provider, aims to increase its management area to 100 million square meters.

Shares of mainland property developer Beijing Capital Land (2868) slumped 13.26 percent to HK$3.01, after announcing that its board has approved a conditional plan for a rights issue for no more than five rights shares for every 10 existing shares.

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