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China to reduce property curbs’ side effects

Posted on 08 March 2013

China’s latest property market curbs have stirred heated discussion, with experts close to policymakers saying China will try to control the side effects of the measures. The central government announced last weak that homeowners who sell their homes will have to pay an income tax equivalent to 20 percent of the profits they make on the transaction. The income tax for such sales is currently 1 to 2 percent of the sale price.
Qin Hong, a researcher with the Ministry of Housing and Urban-Rural Development (MOHURD), said those who sell their only home after five years of use will be exempt from paying the tax………………………………………..Full Article: Source

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