China plans to cut home-buying taxes, Bloomberg News reports
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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.
(Reporting by Surbhi Misra in Bengaluru; Editing by Christian Schmollinger)
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