The strongest weapon in Xi Jinping’s common prosperity armoury is a property tax

search October 29, 2021 Yahoo News Leave a comment 13 Views

Chinese visitors look at model residential apartment buildings at a house fair in Nanjing city, east Chinas Jiangsu province, 8 April 2008. Chinese government on October 22 stepped in to bolster the ailing real estate market by lowering transaction taxes, reducing down payments and lowering mortgage rates. But analysts said the measures may not hold back price corrections because the current prices have surged far out of reach of many buyers. The Ministry of Finance and the central bank announced that property purchase tax would be lowered to 1 per cent for people buying their first home if it is smaller than 90sqm. The previous rate was 3 per cent, with those buying houses smaller than 140sqm paying 1.5 per cent. The new rate will be effective from November 1. For people buying their first home, the down payment ratio will be lowered to 20 per cent, and banks will be allowed to charge as low as 70 per cent of benchmark lending rates for such mortgages. Both measures are effective next Monday (October 27).(Imaginechina via AP Images

Chinese visitors look at model residential apartment buildings at a house fair in Nanjing city, east Chinas Jiangsu province, 8 April 2008. Chinese government on October 22 stepped in to bolster the ailing real estate market by lowering transaction taxes, reducing down payments and lowering mortgage rates. But analysts said the measures may not hold back price corrections because the current prices have surged far out of reach of many buyers. The Ministry of Finance and the central bank…


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