The new tax will be levied on residential and non-residential property, but not to rural residences.
An earlier pilot scheme was implemented in 2011 in two cities at rates from 0.4% to 1.2% on higher-end housing and second homes, and has not as yet been applied in more cities.
There are few details of the newly proposed property tax, Xinhua reported the plan was announced on Saturday. China’s property sector is under some pressure right now, with liquidity strains at developers (Evergrande the focus but there are many others) and the latest data showing overall price falls for homes in China (albeit small).
- a trial property tax could be tested by the end of this year in selected first- and second-tier cities that have hot real estate markets, most likely in Guangdong’s Shenzhen, Zhejiang’s Hangzhou, and the southern island province of Hainan.
Instead of having Enter and Target Price, Have regions and zones. You should be taking Profits at multiple zones and not at a certain fixed price. This avoids free market participation and missed Profits. Eg. Entry 2 Targets 5,6,7,8 instead of just 7.
Facebook, Apple, Alphabet (Google), Amazon, Microsoft, Boeing, McDonald’s, Starbucks, Exxon Mobil all scheduled to report
The new week will have a number of key earnings releases with some of the top companies reporting. Below is a look at the major names on the calendar:
Monday, October 25:
Tuesday, October 26:
- Lockheed Martin
- Raytheon technologies
Wednesday, October 27
- Bristol-Myers Squibb
- Boston Scientific
- General Dynamics
- Hess corporation
THursday., October 28
- US Steel Corporation
- Gilead Sciences
- Sirius XM
Friday, October 29
- Phillips 66
- Exxon Mobil
NASDAQ index lower for the second time in three trading days
The S&P index snapped a seven day winning streak with a modest decline of around five points or -0.11%.
- The Dow industrial average posts a record close and is up for the third day in a row. The Dow’s record close was the first since August 16
- The NASDAQ index was the big loser with a decline of -0.82%
- The major indices close higher for the third week in a row
Next week is the granddaddy of all the earnings release weeks with Facebook, Amazon, Apple, Alphabet, Starbucks, Boeing, Caterpillar, etc. all on the schedule.
Ahead of those earnings Facebook fell 5.05%. Amazon fell -2.9%, Alphabet fell -3.04%, Boeing fell -0.64%, Microsoft fell -0.51%.
A look at the closes shows:
- Dow industrial average up 73.94 points or 0.21% at 35677.02
- S&P index down 4.84 points or -0.11% at 4544.95
- NASDAQ index -125.50 points or -0.82% at 15090.20
For the week:
- Dow industrial average rose by 1.08%
- S&P index rose by 1.64%
- NASDAQ index rose by 1.29%