The Importance of Property Tax in China

A lot of people complain about Chinese people not being able to own land because we buy the using right to our property for 70 years right now. That's not the whole story. So when you don't have property taxes on your first home in China, but you do in the United States, so you buy an apartment for 70 years in China, guess what? You own that house. We're in theUnited States next year. Guess what? It's a different form of eminent domain.