Reuters reports that some Chinese property developers are unable to pay back taxes, and some have revoked offshore trusts they had just set up

On October 16, Reuters cited family office lawyers as saying that some Chinese property developers are unable to pay the taxes they owe due to the sluggish property market; Hong Kong trust lawyers said that after the strengthening of tax collection on offshore trusts, some people have revoked trusts they set up before even funding them. China announced new personal income tax rules for offshore trusts in July; historical tax arrears must be declared and paid by October 22 to avoid late payment surcharges.