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China Takes Measures To Support Its Property Market

News Posted On: 17 December 2008

The Chinese government is planning to reduce taxes and lower the lockup time for homes sales to prevent the decline of the property market.

After two years of purchase buyers will no longer have to pay a sales tax.

The State Council, China's cabinet, said tax will be based on profits rather than the actual sale price.

China saw a decline in home sales of 20.6 per cent in the first 11 months of 2008, compared with the same period one year before.

The country may offer attractive investment opportunities for overseas property buyers because its economy is set to expand by 7.5 per cent in 2009.

Property lending in China rose 30 per cent annually in the past two years, twice as much as the overall loan growth, according to Moody's Investors Service.

The Taipei Times reported that the increased number of flights between Taiwan and China could help boost the property market in the nations.

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