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Hot Properties Chongqing April 2012

In our view, a city’s level of internationalization depends not only on how many people from overseas settle there as well. An increasing number of foreigners have already or plan to choose Chongqing as a place to live in the long-term. One impressive person, who is in his mid-twenties, told us that he hopes to stay in Chongqing for at least another 40 years. It is delightful to hear of more and more foreigners settling down in Chongqing, buying a property, or marrying a local, all of which prove Chongqing is developing a foreigner-friendly environment.

2012 will see more developments in Chongqing’s internationalization.

- Close to Chencheng residence, one of five prime presidential sites

- Combination of urban and natural river view

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City Heights Introduction _ENG_

The future free trade zone will highlight railway’s role in transportation and logistics as Liangjiang is on its way to become a regional railway hub.

“Although fully-fledged railway systems are great attraction for Asian and European countries to invest in Chongqing, doing business will be difficult for investors without setting up a free trade zone,” said Professor Pu Yongjian of Chongqing University.

Source: China Daily

Chongqing and Shanghai are the first two cities in China to implement the trial tax.

“Fewer people have come to our sales office since the second half of last year, and everyone has asked if the houses we sell will be taxed or not,” said a property consultant, surnamed Lin,whose office is located in Chongqing’s Longtousi Park around which high-end apartment blocks are clustered.

“The gloomy housing market is getting even worse, and we cannot sell 10 houses a month. If the situation deteriorates further, I’m afraid that my colleagues and I will lose our jobs,” said Lin.

According to research conducted by Chongqing Municipal Land Resources and Housing Administrative Bureau, the number of people who visited sales offices in high-end housing areas has recently dropped 30 percent to 50 percent, and considerable number of homebuyers changed their minds to buy smaller-sized or more modestly-styled homes.

Statistics show that from January 28 to November 30, the sale of high-end housing in Chongqing plunged to 700,000 square meters, 4.1 percent lower than that of 2010.

“The implementation of the tax restricted the development of the high-level housing market, and then curbed the prices of this kind of housing,” said Wen Xing, an official of Chongqing Municipal Land Resources and Housing Administrative Bureau.

The property tax also rationalized the structure of the commercial housing, cutting the rate of large-sized houses and increasing mid- and small-sized houses supplies, thus more ordinary people can now afford a home, Wen said.

Chongqing began to tax all villas as well as new apartments priced at least two times the average price of all newly-built homes last year.

The annual tax rates are 0.5 percent of the transaction prices for villas and apartments priced less than three times the average price, 1 percent for those priced three to four times the average and 1.2 percent for those priced more than four times the average.

For a family, the first 180 square meters for villas and first 100 square meters for high-end apartments are exempted from tax, according to the regulation.

For non-permanent residents who don’t work or run companies in Chongqing, their second homes will be taxed at 0.5 percent regardless of the prices.

A taxpayer surnamed Luo has a villa in Jiulongpo district, covering 250 square meters. Luo said he must pay 2,000 Yuan ($315) in tax for the excessive 70 square meters of his villa each year.

“I hope the housing tax won’t be too high, as my family won’t be able to bear the burden,” said Luo.

The owners of 8,563 high-end houses paid more than 90 million Yuan ($14.2 million) in taxes10 months after the implementation of the trial tax, said He Zhiming, vice president of Chongqing Finance Bureau.

All the property tax revenue will be used for the construction and maintenance of public rental housing in Chongqing, He said.

The levy is designed to help regulate income distribution and promote social equality, and guide reasonable housing consumption for land saving and intensive use, according to a statement issued by the Ministry of Finance, the State Administration of Taxation and the Ministry of Housing and Urban-Rural Development.

Chongqing government built 110,000 units of public rental houses in 2011, accommodating more than 300,000 urban low-income earners, including migrant workers and graduates who had failed to find a job.

Regulations stipulate that a tenant can buy his rented apartment after five years of renting at the price based on the apartment’s construction cost — much lower than the prices of commercial housing.

Source: China Daily

Container transport will be authorized for the Yunkunmianyue international railway, which begins in Chongqing and runs through the provinces of Guizhou and Yunnan and the countries of Myanmar and Vietnam before ending at the Indian Ocean, according to Ma Zhongyuan, head of Chongqing’s customs office.

Ma said the railway’s container shipments will facilitate exports from Chongqing and west China to ASEAN member countries.

Another railway linking Chongqing with the city of Duisburg in Germany will be extended to the port city of Antwerp in Belgium, shortening the time it takes to ship goods from Chongqing to Belgium to about 16 days, 20 days less than the time on sea route, according to Ma.

China and Belgium also agreed to simplify custom inspection procedures, allowing goods exported from Belgium to China to go through just a single inspection in Belgium, Ma said.

The Chongqing municipal government has constructed multiple foreign trade ports and channels in recent years. The growth of the region’s foreign trade value, foreign investment and overseas investment rank first among the country’s provinces, autonomous regions and municipalities.

Source: China Daily

http://map.d2d.cn/

1. Strategic Concept
The Liangjiang New Area will focus on Innovation. The plan is to explore new ideas to construct an opening hub for expansion into western China. It is expected to target new ways to share resources, increasing efficiency, and a guide for local development.

2. Strategic Position
Waiting for the approval of the Sate Council, Chongqing Liangjiang New Area will serve as a pilot area for the urban-rural reform. There will be an important modern manufacturing base that will act as a transport hub of China. The area will act as a trade, commercial, and logistics center as well as a financial and technological innovation center of the upper reaches of the Yangtze.

3. Strategic Targets
The first stage will be over 10 years focusing on reconstructing Chongqing’s industries and the economy. The second is to build inland China’s open model, designing modern functions, advanced industries, developing headquarters, a livable environment, and international influence. The third is to make full use of its multi-functions to boost the development and the opening of “West Triangle” covering 6.8 million square kilometers.

4. Strategic Steps
There is a Three-Step Strategy for the Development of Liangjiang New Area.
The first step is to take the framework in 5 years. In 2015, with a population of 3 million permanent residents, the area will get GDP of 0.32 trillion RMB with an increase of 200%. The industrial gross output will be more than 0.6 trillion RMB. Its comprehensive service capability will be greatly improved. The second is to achieve initial success in 20 years. In 2012, with a population of 2.3 million permanent residents, the area will get the Gross Domestic Product (GDP) of 0.16 trillion RMB an increase of 100%. Core sections of regional financial center, conference center, logistics center and industrial park. At the 1 trillion RMB level will see dramatic breakthroughs.T he third step is to basically complete the construction. In 2020, with a population of 4 million permanent residents, the area will get a GDP of 0.64 trillion RMB with an increase of 300%, while the industrial gross output will get 1.5 trillion RMB, accounting for over 25% of the whole municipality respectively. The foreign capital in direct utilization, the total import and export and the outstanding of deposits and loans will take up over one of thirds of the total. Its throughput capacity will be 2.7 million containers, while the airport will be able to receive and sent about 45 million passengers.

5. Strategic Layout
Liangjiang New Area will put efforts on structuring the “One Core + Four Belts” strategic layout to construct the national strategic emerging industries gathering area, inland’s key base for the advanced manufacturing industry and modern service industry.
“One Core” is financial business center. Focus will be put on Jiangbeizui Financial Central Area, Guanyinqiao Business Core, Renhe Headquarters Base, Wulidian R & D and Design Center to construct the main carrier of the inland’s modern service industry, west China’s top headquarters base, the R & D and Invitation Center and Finance Center at the upper reaches of the Yangtze River.
The first of the “Four Belts” includes the urban functional industrial belt, emphasizing on Yulai Conference Exhibition Town, Shuanglonghu International Business New Town, Jinshan Business Center and Dazhulin high-end Residential Communities to construct a harmonious and livable urban Chongqing and modern new zone. The second one is the hi-tech industrial belt which will put Tongxing Industrial Parks Zone, Shuitu Hi-tech Industrial Park on the top and appropriately develop residential communities with high quality and leisure industry. The third one is logistics and processing industrial belt focusing on Cuntan Harbor Logistics Park, Shiping Light Industrial Export Base, Jiangbei Airport Logistics Park, Linkong Electro Mechanic Export Base to build inland’s largest and most competitive bonded logistics, export and processing industries cluster. The forth is advanced manufacturing industrial belt which will take the industrial base at 1 trillion yuan level as the key point via Yufu Logistics Function Zone and Longxing Advanced Manufacturing Function Zone.

6. Strategic Focus
Liangjiang New Area will focus on constructing “6+3” core industrial system. The six industries are automobile industry; emphasizing on cars with clean energy, equipment industry; focusing on equipments of rail transit and electric power, electronic information industry; guided by computers and information appliance, biomedicine industry; giving priority to biological pharmacy and medical equipments; new materials industry led by carbon fiber and HTSC (high temperature superconductivity) materials, and energy conservation industry; focusing on energy saving and environment protection products. The 3 service industries are innovative finance-oriented financial industry, exhibition & logistics-oriented business and IT industry led by information R & D.