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China Resources Land Ltd 01109

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Pilot Property Tax Untimely, Though Sector Already Under Heavy Policy Headwinds

Cheng Wee Tan Senior Equity Analyst

Analyst Note

| Cheng Wee Tan |

Over the weekend, China adopted a decision to carry out an expansion of the property tax pilot scheme. However, while the property tax in pilot regions would be implemented for all types of properties, rural properties are to be excluded and there is a still a lack of details on the proposed new tax and pilot schemes, and in which cities or regions. We have noted that the pilot scheme is not entirely new. In previous property tax pilot schemes that were implemented in Shanghai and Chongqing, the tax rates were relatively low and had small coverage with limited impact to the property market. This time round, we expect there should be deviations to earlier pilot schemes and they are likely to be implemented in markets like Shenzhen and Hainan.

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Company Profile

Business Description

China Resources Land, or CRL, is a large Chinese real estate developer with a nationwide coverage. Aside from the core development business, the company is differentiated from other large developers by its significant investment property business with the MixC mall portfolio. The company holds a 72.29% stake in its listed property management business, China Resources MixC Lifestyle Services. CRL is a subsidiary of China Resources Holdings, or CRH, a large state-owned enterprise conglomerate with diverse holdings in utilities, consumer goods, retail, and property. CRH holds a 59.55% stake.

26 Harbour Road, 46th Floor, China Resources Building
Hong Kong, 100035, Hong Kong
T +852 28772330
Sector Real Estate
Industry Real Estate - Development
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 47,537