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China delays property tax trials, stressing stability over reform

With economy under strain, Xi Jinping plays it safe ahead of fall Communist Party congress

Construction is underway at the site of an apartment complex in Beijing. There are concerns that introducing a property tax could cool housing demand.   © Reuters

BEIJING -- China will postpone broader trials of a property tax amid fears of further dragging down a slumping real estate market that had been an engine of economic growth.

The Ministry of Finance has said there are "no suitable conditions this year" to expand the pilot program, the state-run Xinhua News Agency reported Wednesday.

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