🏙️ Beijing and Shanghai are spicing up the property scene! Starting December 1, these bustling cities are cutting transaction taxes on larger homes, making it easier for you to snag that dream pad. 🎉
No more confusing distinctions between \"ordinary\" and \"non-ordinary\" housing. This move is all about reducing costs and giving the housing market a fresh boost. 💪
In the past, homes over 144 square meters were labeled \"non-ordinary\" and came with extra tax baggage. But not anymore! 🚫💰
According to Yan Yuejin, deputy director at E-House China R&D Institute, \"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.\" 🏘️
With the property market feeling a bit sluggish, the Chinese mainland is rolling out a bunch of cool measures in taxation and finance to stir up demand. Earlier this month, authorities announced plans to amp up incentives on deed tax, land appreciation tax, and value-added tax to keep the real estate vibes healthy and steady. 📈
So, if you've been dreaming of that spacious city apartment, now might be the perfect time to dive in! 🏡✨
Reference(s):
Beijing, Shanghai cut tax on larger house transactions to boost sales
cgtn.com
