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A leading economist has proposed that the Chinese government institute property taxes to restrain real estate speculation and curb rocketing housing prices.

Economist Fan Gang. [file]

Owners should pay an annual property tax to the government based on the size of their houses, said Fan Gang, member of the Monetary Policy Committee under the People's Bank of China (PBOC), the central bank.

In 2006, the price of newly-built commercial houses in many Chinese cities saw another year-on-year hike of more than 10 percent, despite government policies aimed at regulating the country's housing supply structure and stabilizing housing prices.

Fan, one of several economists advocating a property tax, said expectations of further housing price rises and the low cost of possession are fueling speculation in the housing market.

Property is seen as a sound investment, and a combination of low interest rates and expectations of currency appreciation have attracted overseas money into China's real estate sector.

A property tax levy would sharply reduce the domestic demand for luxurious houses, and limit speculation, he said.

If a substantial property tax was levied on properties that are acquired and then immediately rented, many investors would abandon the buy-and-then-rent plan, according to Fan.

The Ministry of Construction is mulling over the introduction of taxes and fees for house ownership, so as to support the spread of small and medium-sized houses, said Vice Minister Liu Zhifeng.

Housing developers, however, oppose the idea.

It is not appropriate for the government to first collect funds from developers for the transfer of land use rights, and then levy property taxes for owning commodity houses, said Ren Zhiqiang, president of Huayuan, a leading Chinese real estate company.

Developers in China need to pay local governments large sums before getting the right to use land, but in many countries that collect property taxes this is not the case, he said.

For those paying property tax, their individual income tax should be taken into account to avoid dual-taxation, Ren said.

The collection of property tax is in line with central government policy, but there is currently no timetable for implementing it, the central bank stated earlier.