Property fees are included in the cost.

According to Article 7 of the Detailed Rules for the Implementation of the Provisional Regulations on Land Value-added Tax in People's Republic of China (PRC): "The deduction items listed in Article 6 of the Regulations are as follows: (1) The price paid for obtaining the land use right refers to the land price paid by taxpayers for obtaining the land use right and related expenses paid in accordance with the unified provisions of the state. (II) The cost of land development, new houses and supporting facilities (hereinafter referred to as the housing development cost) refers to the actual cost of taxpayers' real estate development projects (hereinafter referred to as the housing development cost), including compensation for land acquisition and demolition, preliminary engineering fees, construction and installation engineering fees, infrastructure fees, public facilities fees and indirect development fees.