China weighing property tax breaks to boost sales, free up household cash

Quick Summary:

Pretty sizeable’ reductions would ease burdens on buyers and sellers, accelerating listings and sales, analyst says.

For example, on a property costing 10 million yuan (US$1.38 million), such tax breaks could help buyers save around 200,000 yuan, while sellers could see total savings of around 300,000 yuan in value-added and personal income taxes, according to Yan Yuejin, vice-president of the Shanghai-based E-House China Real Estate Research Institute.“These tax savings are pretty sizeable, and especially positive for the second-hand housing market, which could see more listings and accelerated sales,” he said.

These measures will be introduced “in the near future”, alongside additional fiscal policies to support the economy, it said.

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Article Details

Author / Journalist: Yuke Xie

Category: Business

Markets: Hong KongChina

Topics: Property Yuan Consumption Market Taxes Transactions Potential Homebuyers Cent Policies Sellers

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-13 @ 11:00:12 (5 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 232 words

Reading Time: 2 minutes read

Sentences: 6 lines

Sentence Length: 39 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 23563870

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