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Taxing China’s property

Posted on 05 March 2013

China’s real-estate developers have been served an eviction notice. A new round of tightening measures, announced by the State Council on Friday, threatens stricter controls on who can buy a home and a 20% capital-gains tax on property transactions. Stocks have taken a pounding, with sector heavyweight China Overseas Land & Investment plunging 7.1% on the Hong Kong market Monday.
The new measures have teeth. Home sellers face a steep tax increase. In many cities, restrictions on who can buy a home will be expanded from downtowns to city limits. Banks may raise the down payment and mortgage rates for second-home purchases. Cities will be responsible for keeping house prices stable, which will make it difficult for developers to bring high-end projects to market………………………………………..Full Article: Source


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