China Property-Property Tax: No Anxiety on This Repeated Old Topic; A Lengthy and Arduous Process Ahead

Essentially no impact given low visibility on timetable and implementation:Xinhua reported that the NPC may reform some tax charges, including new propertytax legislation, combined with urban land-use tax, etc., which will be discussed andfinalized before end-2017. We believe investors should not be overly worried on theproperty tax