Part 9/15:
In China, over 60% of the property purchase price comprises taxes and land transfer fees—sometimes up to 70% in certain municipalities. Buyers often do not purchase land outright but instead lease it for 50 or 70 years. The government—and local authorities in particular—benefit significantly from these transactions through land transfer fees and taxes. Meanwhile, developers pay numerous taxes during construction, and the entire burden is passed down to property buyers, often forcing young families into debt or making homeownership an unachievable dream.