China unveils new tax incentives to revive struggling property sector!
China on Wednesday unveiled tax incentives to support the battered property sector, which will take effect from December 1 this year, according to a finance ministry statement.
The ministry will expand the right to the 1% deed tax to include apartments up to 140 square meters, up from the previous 90 square meters.
The minimum prepayment rate for land value added tax will be reduced by 0.5 percentage points, the statement said.
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