A surge in China property sales boosted real estate-related tax income for the first nine months of 2016. Photo: Reuters/Jason Lee

The National People’s Congress, China’s legislature body, is accelerating the process of drafting the much-anticipated real estate tax law, Yicai.com reported.

Zhang Yesui, deputy secretary-general and spokesman for the first session of the 13th NPC, said work on drafting the law, including discussing important issues and soliciting opinions, is being ramped up to prepare the first review of the law as soon as possible.

Real estate taxes, unlike current property taxes which levy taxes only on urban commercial properties, has been a major concern, because it will cover all the properties including residential housing.

Yang Zhiyong, a financial and economic researcher at the Chinese Academy of Social Sciences, thinks the main issue regarding taxes is the social reaction and what risks that might trigger, such as its influence on the real estate market.

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