BEIJING, Feb. 25 – New real estate policies released yesterday attempts to rein in ballooning housing prices and property speculation in China’s capital city.
The Implementing Opinions for Promoting the Steady and Healthy Development of the Real Estate Market in Beijing (Implementing Opinions), asserts adherence to a 40 percent initial housing loan payment for second properties and single land leases of commercial housing should not exceed 20 hectares. Read the rest of this entry »
HONG KONG, Feb. 24 – As the region slowly recovers from the effects of the financial crisis, some business may still be struggling to manage their cash flow.
Hong Kong’s Inland Revenue Department allows payment of taxes by installment for taxpayers having financial difficulties. Taxpayers will need to submit an installment application to the agency and if approved a surcharge not exceeding 5 percent of the outstanding amount will be imposed. Read the rest of this entry »
Feb. 18 – Hong Kong’s Inland Revenue Department will add to the tax services available under its eTAX program starting April 2010 allowing companies to also submit their profits tax return for 2009/10.
A corporation or partnership can file their profits tax return online if they meet the following criteria:
HONG KONG, Feb. 10 – The Financial Services and The Treasury Bureau has submitted a public consultation paper suggesting plans for a Financial Dispute Resolution Center and Investor Education Council in the territory.
The Financial Dispute Resolution Center will provide a one-stop service venue for resolving monetary disputes between an individual consumer and a financial institution through mediation and if need be arbitration. On the other hand, the Investor Education Council will aim to improve financial literacy by educating the public on the best market products suitable to their needs. Read the rest of this entry »
Feb. 9 – Crispins Property Investment Management (CPIM) has released a bulletin examining the property market in the tropical South China Sea island of Hainan and the resort city of Sanya.
Sanya has long been regarded as “China’s Hawaii” and with its beaches, coconut palms and great sea food it has developed into a popular destination for Chinese and expatriate tourists. The latest bulletin provides details of pricing, availability, and why Sanya is bucking the trend when it comes to purchasing residential units in China. Read the rest of this entry »
Feb. 9 – As investment costs begin to increase in China, the need for new markets have also risen leading to interesting cities to develop as strategic trading hubs. One such example is the Chinese city of Hunchun lying in Eastern Jilin Province, a few miles from the Russian and North Korean border.
The Hunchun investment guide is now available as a free PDF download for China Briefing subscribers. It contains overviews of the city from Liang Li of Peking University, Si Zhang of Cornell University, and Zhao Deyu of Boston University. It contains demographical details of trade, commerce, salaries and related data on cross-border trade between Hunchun, North Korea and Russia and was produced by the Greater Tumen Initiative. Read the rest of this entry »
Feb. 9 – The United Nations Development Program’s Greater Tumen Initiative has requested the kind assistance of China Briefing readers in participating in a regional survey on trade barriers.
The survey covering China, Russia, Mongolia, North Korea and South Korea is needed for government analysis and discussion later in the year. Participation will it possible for readers to make their voices heard at a governmental level with the countries concerned. Read the rest of this entry »
BEIJING, Feb. 2 – Local authorities have released a circular encouraging foreign investors to establish wholly foreign-owned private equity (PE) management companies or joint-venture private equity management companies with local companies in its Zhongguancun Independent Innovation Demonstration Zone.
The circular called “Tentative Measures for Establishing Foreign-Invested Private Equity Investment Fund Management Enterprises” clarifies the scope of foreign-invested PE management companies, “being commissioned to accept other PE investment funds and undertaking non-securities PE management and consulting,” and not engaged in other business activities. Read the rest of this entry »
BEIJING, Jan. 29 – Local governments will raise minimum wage levels as soon as next month from 10 to 12 percent given the recovering economy and rising inflation.
Beginning next month, Jiangsu Province will increase minimum wage levels from RMB850 to RMB960, the same level Shanghai and Hangzhou. Beijing will soon follow suit with a 10 percent increase in minimum wages to RMB880 per month by April 1 reports The Global Times. Read the rest of this entry »
HONG KONG, Jan. 28 – For employees chargeable to tax and intending to leave Hong Kong for more than a month, the Inland Revenue Department (IRD) requires at least 1 month notification before departure to settle all tax liabilities.
This applies to cases when a taxpayer intends to migrate to another country or to study or work overseas. The employer must also need to temporarily withhold payments of salaries to the employee until the IRD issues a letter of release. Non-compliance with such requirements by the individual or the employer may lead to penalties. Read the rest of this entry »
Dezan Shira & Associates provide a range of services for companies looking to undertake foreign direct investment into Asia, These include corporate establishment, accounting, tax, payroll, audit and due diligence. To learn more about the firm,
please contact one of our specialists at china@dezshira.com, download our corporate brochure or visit at us www.dezshira.com
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