China on Wednesday rolled out tax policies to support the steady and healthy development of the real estate market.
The Ministry of Finance said the country will increase incentives in terms of deed tax to actively support people's essential housing needs and needs for improve their housing conditions.
The minimum prepayment rate for land appreciation tax will be lowered to alleviate the financial difficulties of real estate companies.
Additionally, the authorities will clarify policies on value-added taxes and land appreciation taxes in line with the scrapping of standards for ordinary and non-ordinary housing, reduce second-hand housing transaction costs, and keep tax burdens on real estate companies stable.
Source: Xinhua
