WITH the implementation of the latest package of tax incentives on Dec. 1, home-buying costs have been reduced, which has unlocked housing demand even more. Many Chinese cities saw a surge in property viewings over the past week, leading to continued stabilization of the real estate market.
The biggest beneficiaries of the new tax policies are customers who wish to upgrade their housing. Property viewings surged by around 30 percent over the past week, showing a noticeable uptick, a sales agent surnamed Zhu in Hangzhou told the Global Times on Monday.Another agent based in Beijing said 'so far in December, both property viewings and transaction volumes have been better than last month.
Starting from Dec. 1, the deed tax, value-added tax and individual income tax on first and second home transactions have been reduced to varying degrees. As long as the taxes have not been declared or paid, and the property certificates have not been issued, the new rules will apply.From Dec. 1 to 5, a total of 364,000 households declared eligibility for the preferential deed tax policies, resulting in a total reduction of 8.
Viewings Surge In Cities Ahead Of New Tax Policies
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