Shanghai will reduce real estate transaction taxes to boost demand, state media says

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BEIJING: Shanghai said on Monday it would reduce some taxes on real estate transactions from Dec.1, according to state media, a move designed to support the property market in China's second-largest city.

"(Shanghai's property prices) won't fall any further to the extent that a working man can afford it," one commenter said, while another user said "even with more stimulus, the property market is expected to be difficult to get up in a short term".

Shanghai will eliminate the division between so-called "ordinary" and "non-ordinary" housing when it levies value-added taxes and personal income taxes on sales.

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Category: EconomyBusiness

Markets: MalaysiaChinaHong Kong

Topics: /Business/Business News Tax Shanghai Property Real estate Property

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-18 @ 14:32:00 (2 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 522 words

Reading Time: 3 minutes read

Sentences: 20 lines

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Copyright Owner: © The Star

News ID: 23650979

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