| Hundreds of Chinese homeowners scramble to register the sales of their homes before new capital gains tax rules are introduced in a bid to stop the housing boom spiralling out of control. The scenes of panic at the Nanjing Municipal Real Estate Trading Centre were repeated across the country with the government giving virtually no warning before a mandatory 20 per cent tax is introduced.
Previously sellers were given the choice of either paying between one and three per cent of the gross transaction value, or a flat 20 per cent capital gains, with most opting for the former...............................................Full Article: Source
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