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China: Housing pains

Posted on 18 March 2013

Beijing has seen a surge of secondhand house sales recently in the wake of a new housing policy which imposes higher income tax on home sellers. The policy, released as a package by the State Council on March 1 in an effort to control housing prices, orders that all home owners be levied a 20-percent tax on capital gains. Prior to the new rules, income tax was 1 percent to 2 percent of the sale price.
According to a March 11 National Business Daily report, data on the website of the Beijing Municipal Commission of Housing and Urban-Rural Development shows that a week after the policy package was released, the number of contracts signed for second-hand housing came to 9,400, a 140.5 percent increase from the week before, and a 279.5 percent increase compared to a month ago. ……………………………………….Full Article: Source


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