China property tax impact on steel to be in the long run

Beijing's intention to introduce property tax in some pioneer cities after years of mulling, may not show any notable impact on the domestic steel demand immediately as details have remained unclear, but it will be definite and lasting in the long run, according to Chinese steel market sources, confirming that they have been closely monitoring the development.

On October 23, Beijing announced the plan, with the property tax applying to all sorts of real estate properties in the trial cities other than the landed properties owned by the citizens in the rural areas, and the trial period will be five years or longer, and related laws