04.03.2013 - How will stricter control affect China's property market?
China issued stricter measures Friday to cool the heated property sector before the annual parliament session, amid public hope of pulling down soaring home prices. The central government said in a notice that homeowners who sell their homes will be levied an income tax as high as 20 percent of the profit they make on the transaction. Prior to the new rules, income tax was 1 percent to 2 percent of the sale price. The notice also said that local branches of the central bank in cities with soaring home prices can increase the down payment and mortgage loan interest rate for home buyers purchasing a second unit...............................................Full Article: Source
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