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CHINA HOUSING: Tax Cut for Home Buyers Considered.

CHINA HOUSING
GlobalEM BulletBulletAPACEmerging Market NewsRegionChina
  • Regulators are believed to be working on a proposal to allow the largest cities to cut the tax deed required to be paid on purchases from 3% to 1%.
  • Under the latest proposal, top-tier cities are expected to be allowed to scrap the distinction between ordinary and luxury homes, which would substantially lower purchasing costs for people seeking to upgrade their residences. (source:  Straits Times).
  • In a bid to get the number of unsold properties down (estimates are from 45-60 million unsold properties) various measures have been announced in recent months.
  • Residential property sales turned positive in October, for the first time this year possibly indicating that the government stimulus measures are having an impact.  
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  • Regulators are believed to be working on a proposal to allow the largest cities to cut the tax deed required to be paid on purchases from 3% to 1%.
  • Under the latest proposal, top-tier cities are expected to be allowed to scrap the distinction between ordinary and luxury homes, which would substantially lower purchasing costs for people seeking to upgrade their residences. (source:  Straits Times).
  • In a bid to get the number of unsold properties down (estimates are from 45-60 million unsold properties) various measures have been announced in recent months.
  • Residential property sales turned positive in October, for the first time this year possibly indicating that the government stimulus measures are having an impact.