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Economic news

China plans to cut home-buying taxes, Bloomberg News reports

11/11/2024

Less than a minute

2024.11.11 21:46

© Reuters. FILE PHOTO: Sale signs adorn residential buildings under construction in Huizhou, Guangdong province, China October 10, 2024. Picture taken through a windshield. REUTERS/Nicoco Chan/File Photo

(Reuters) – China is preparing to reduce taxes on home purchases, Bloomberg News reported on Tuesday, citing people familiar with the matter.

Regulators are developing a proposal that would enable major cities, such as Shanghai and Beijing, to reduce the deed tax for buyers to as low as 1%, down from the current rate of up to 3%, the report added.

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11/11/2024

Less than a minute