China Travel & Tourism News
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Tax adjustments cool growth in housing prices
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| 15-Jun-2005 - Xinhua |
Taxation adjustments, as a key means of macro-control, are already having an effect on cooling growth in housing prices in several cities cross the country. During the last ten days of May, the average price for residential houses in Jinan city saw a decrease of over 3 percent from that of the previous ten days. Meanwhile, the average price for commercial housing in the main city areas of Chongqing stood at some 2500 yuan per square meter in May, a decrease of more than 5 percent from the first quarter this year. This round of government taxation adjustments mainly targeted speculative purchasing on the real estate market. According to the new regulations which came into effect on June the first, residential houses which are re-sold within two years of the original purchase would be subject to the full rates of tax. |
| 15-Jun-2005 - Xinhua |
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