Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
<CN Home>CN Reportedly Plans to Drop Deed Tax on Property Purchases to as Low as 1% to Back Home Mkt
Recommend 70 Positive 154 Negative 56 |
||||
|
||||
|
The mainland Chinese government plans to cut the deed tax on property purchases in major cities from as high as 3% to as low as 1%, in an effort to revitalize the faltering property market, Bloomberg quoted people with the knowledge of the matter. Sources divulged that regulators are formulating a plan that will allow major cities, including Shanghai and Beijing, to lower the deed tax, and that municipal governments will have certain flexibility to adjust the rules. Separately, it is expected that T1 cities will be allowed to abolish the distinction between ordinary residential properties and luxury properties, people with the knowledge of the matter said. This will immensely reduce the purchase cost for buyers who want to upgrade their living environment. The mainland China had first proposed this plan at the Third Plenum in July. AAStocks Financial News |
||||
Copied to Clipboard
 |
||||
