Global Times - China moves to cool real estate sector, curb prices
Posted: December 23rd, 2009 | Author: Daan Roggeveen | Filed under: Background | Tags: policy, real estate | No Comments »Global Times - China moves to cool real estate sector, curb prices. - By Zhao Qian, Global Times
The Chinese government intensified its efforts to cool the country’s overheated real estate industry Wednesday.
A policy was allowed to expire that had eliminated the turnover tax for those who sold homes they had owned for more than two years. From now on, the tax will instead be waived only for those selling homes they have owned at least five years.
The new guidelines were released following an executive meeting of the State Council chaired by Chinese Premier Wen Jiabao Wednesday.
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