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China resumes property tax to curb bubble

2009-12-14 10:53 BJT


Tax exemption set this year for 2-year ownership has now gone back to exemption only after 5 years of ownership. The State Council has been concerned over bubbles in real estate, taking action to stem a continued rise in property prices that accelerated in November.

The new policy is the first concrete response to growing concern that an unsustainable bubble is forming in the real estate market.

Residential prices in China's 70 largest cities rose 5.7 percent in November, accelerating from October's 3.9 percent.

Tax exemption set this year for 2-year ownership has now gone back to exemption only after 5 years of ownership. The State Council has been concerned over bubbles in real estate, taking action to stem a continued rise in property prices that accelerated in November. 
Tax exemption set this year for 2-year ownership has now gone back to 
exemption only after 5 years of ownership. The State Council has been 
concerned over bubbles in real estate, taking action to stem a continued 
rise in property prices that accelerated in November.