Starting December 1, Beijing and Shanghai are rolling out new measures to make buying larger homes more affordable. By eliminating the distinction between “ordinary” and “non-ordinary” housing, these cities aim to reduce transaction taxes on bigger properties, encouraging more people to buy and sell.
This move is expected to breathe new life into the housing market. Yan Yuejin, deputy director at E-House China R&D Institute, said, “The reduction in selling costs for homeowners is expected to boost listing and sales activity, which will increase the availability of high-quality second-hand properties. This, in turn, will provide homebuyers with more options and have a positive impact on the market.”
China has been introducing a series of measures to stimulate demand in a sluggish property market. These include adjustments in taxation and finance to support the steady and healthy development of the real estate sector.
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Beijing, Shanghai cut tax on larger house transactions to boost sales
cgtn.com