Heavy tax to rein in housing speculation |Center |chinadaily.com.cn

Heavy tax to rein in housing speculation

2013-03-04 16:15

(chinadaily.com.cn)

Several long queues have formed in front of the service counters at the Real Estate Exchange Center, Minhang District, Shanghai on Mar 3.

According to 皇冠体育app Daily, in order to hold back rising housing prices in major cities, the State Council, or 皇冠体育app's cabinet, on Friday ordered that a 20 percent individual income tax be levied on capital gains by home sellers.

Many second-hand home negotiators are quite anxious to finalize their deals before the policy is put into effect. As a result, several Real Estate Exchange Centers in Shanghai have become crowded.

Heavy tax to rein in housing speculation

People queue in front of a Real Estate Exchange Center on March 3, 2013, in Minhang District, Shanghai. [Jing Wei/ Asianewsphoto]

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