China plans to slash taxes for home purchases in fiscal stimulus push

Quick Summary:

Home purchase deed tax could be cut to 1 per cent from 3 per cent, sources say.

The country also pledged in October to nearly double the loan quota for unfinished residential projects to four trillion yuan.

In addition to the deed tax, Chinese home owners are also subject to steep value-added taxes of about 5 per cent for if they sell within two years.

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Article Details

Category: EconomyBusiness

Markets: SingaporeChina

Topics: First Buyers People Property Taxes Market Cent Deed Fiscal Support China

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-12 @ 11:05:00 (1 days ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 567 words

Reading Time: 4 minutes read

Sentences: 27 lines

Sentence Length: 21 words per sentence (average)

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Copyright Owner: © The Straits Times

News ID: 23546334

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