BEIJING: China unveiled tax incentives on home and land transactions on Wednesday, aiming to support the crisis-hit property market by increasing demand and easing developers' financial difficulties.
A finance ministry statement outlining the measures followed pledges by the finance minister to issue relevant tax policies to support the healthy development of the property market in the near term.
The ministry will expand the eligibility for the 1% deed tax to include apartments up to 140 square metres, up from the previous 90 square metres, according to the statement, effective from Dec. 1.
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