Huayuan Property Co. Ltd. (600743.CN) chairman Ren Zhiqiang has strongly refuted a media report which claimed that Huayuan and 44 other listed real estate developers were in arrears of a combined 3.8 trillion yuan (US$623.49 billion) in unpaid land value-added tax between 2005 and 2012, news portal Caijing.com reported Monday. In comments posted on his microblog, Ren said the figure was wrong and based on incorrect calculation, the report said. The property tycoon stressed that his company has fulfilled its tax obligations. The reporter is ignorant and has no idea about how land value-added tax is collected in real practice, Ren wrote, adding that he is considering taking legal action against the China Central Television station that aired the report.
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