Hao Ruyu, deputy director of the NPC Financial and Economic Committee has revealed that the real estate tax is still being drafted and the same has yet to be finalized.

This is because the slowdown in real estate investment, sharp sales declines as well as the excess housing inventory have all affected the government's plan to tax real estate.

The research team at ANBOUND Consulting believes that the legislation of property tax law which has garnered much market attention might take longer than expected.

Some of the experts have earlier predicted that the draft bill for property tax law could be submitted for discussion during the 'two sessions’, however, judging from current situation, the introduction of the property tax seems to fall behind the initial schedule.

There are many signs indicating that the preparatory works for imposing property tax have yet to be completed, the introduction of property tax needs to be on hold for now.