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<CN Home>SH to Reduce Home Purchase Restrictions from Tmr w/ Exemption from Personal Housing Property Tax for Home Replacement
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The Shanghai Municipal Commission of Housing and Urban-rural Development and four other departments issued a joint notice to clarify further reductions to home purchase restrictions, effective from tomorrow (26th). This includes shortening the required duration for non-Shanghai registered residents to pay social security or personal income tax to purchase housing within the outer ring. The notice also proposes improving the personal housing property tax policy to support residents' needs for housing replacement and improvement. Of which, for children of households registered in Shanghai who purchase housing after reaching adulthood, if such housing constitutes the sole residence of the adult child's household, the individual residential property tax shall be temporarily exempted. Specifically, if the purchaser jointly owns property with parents or grandparents during their minor years, and the newly purchased or replaced housing in Shanghai remains the sole residence of the adult child's household, the individual residential property tax shall be temporarily exempted. This provision shall take effect starting tomorrow. AASTOCKS Financial News Website: www.aastocks.com |
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