Big news for homebuyers in Beijing and Shanghai! 🏙️ Starting December 1, authorities in these major cities are lowering taxes on larger house transactions to give the real estate market a much-needed boost.
The new policy aims to remove the distinction between \"ordinary\" and \"non-ordinary\" housing, which refers to properties larger than 144 square meters. By reducing the tax burden on these bigger homes, the move is expected to stimulate demand and stabilize the property market.
\"The reduction in selling costs for homeowners is expected to boost listing and sales activity, which will increase the availability of high-quality second-hand properties. This, in turn, will provide homebuyers with more options and have a positive impact on the market,\" said Yan Yuejin, deputy director at E-House China R&D Institute.
Amid a sluggish property market, the Chinese mainland has rolled out a series of measures, including adjustments in taxation and finance, to encourage demand. On November 13, additional incentives were announced to support the steady and healthy development of the real estate sector, covering deed tax, land appreciation tax, and value-added tax.
These changes are a strategic move to make housing more accessible and to ensure a robust real estate market in one of the world's most dynamic regions. Whether you're looking to buy, sell, or invest, these tax cuts could present new opportunities!
