In an effort to cool the resurgent property market, two of China’s biggest cities announced over the weekend that they would put in place a series of new restrictions and penalties on housing sales.
In the nation’s capital, the Beijing municipal government said that unmarried individuals would now be allowed to purchase only one residence. The city also increased the minimum down payment for buyers of a second home and imposed a 20 percent capital gains tax on owners’ selling a residence.
In Shanghai, an identical capital gains tax was announced and took immediate effect, and city officials pledged to install and enforce other measures aimed at stabilizing housing prices. The stiffer capital gains taxes take the place of a 1 percent to 2 percent transaction tax that was previously assessed on the final price of the property being sold.
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David Barboza, New York Times via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/aQc9a23OrBE/
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