Regulators are working on a proposal that would allow megacities, including Shanghai and Beijing, to reduce property taxes by several points.
Written by UNN with reference to Bloomberg.
Details
China plans to cut taxes on home purchases. The Chinese government is increasing fiscal support to revive its slumping housing market. According to Bloomberg's sources, regulators are working on a proposal that would allow megacities including Shanghai and Beijing to cut home purchase taxes to 1% from the current level of 3%.
The plan underscores Beijing's growing willingness to use fiscal tools to support the sluggish economy along with monetary easing.
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This has already been announced by Finance Minister Lan Foan. Lan pledged to pursue a “more decisive” fiscal policy in 2025 after announcing a 10 trillion yuan ($1.4 trillion) swap of local government debt.
The property tax cuts are expected to revive investors' expectations of a large-scale stimulus to boost domestic demand and fight deflation.