China’s property-related shares fell by the most in nearly five years on Monday on plans to tighten curbs on the housing market, though some economists predict a near-term spike in existing home prices, at least until local governments work out how to implement the changes.
The plans, announced by the cabinet late on Friday, include the stricter implementation of an existing 20 percent capital gains tax on home sales, strengthening restrictions on home buying and increasing loan rates for those buying a second home in cities where prices are rising too quickly.
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Clement Tan and Yimou Lee, Reuters via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/oQP_mNKgr50/
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