China doesn’t have a nationwide recurrent property tax that applies to all residential.
- in some cities with property tax experiment, usually certain area is exempted from taxation, e.g. Chongqing is 180 sqm
Hukou policy means residential property comes with other value. Not owning one will cause inconveniences: e.g. renting is not similar to ownership in education etc.
Renter’s right vs landlord is not like what usually seen in mature markets.
Most people don’t pay tax on rental income.
One-child policy plus decades of economic growth created massive buying power for this one-child generation. When you have 4 parents supporting the new couple to buy 1 home, that purchasing power is hugely inflated.
Local gov’s budget is partially financed by selling lands (use rights) for residential property development. High price -> higher budget.