23 September 2018

45 listed developers owe 3.8 trn yuan in land taxes, CNS says

Forty-five listed property developers — including China Vanke Co., Ltd. (000002.CN), China Merchants Property Development Co., Ltd. (000024.CN) and SOHO China Ltd. (00410.HK) — amassed a combined 3.8 trillion yuan (US$623.493 billion) in unpaid land value-added tax between 2005 and 2012, China News Service reported Sunday. Agile Property Holdings Ltd. (03383.HK) has the biggest back-tax bill, with 8.3 billion yuan outstanding. Unnamed analysts were quoted as saying that if the tax had been collected some of the developers would not have been able to use the capital to speculate on land prices, the report said.

– Contact HKEJ at [email protected]



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