China Plans to Slash Taxes on Home Purchases

China gears up to cut taxes on home purchases as regulators propose reducing the deed tax in major cities from up to 3% to as low as 1%, aiming to stimulate the real estate market.

China is making moves to stimulate its real estate market by planning significant tax cuts on home purchases.

According to Bloomberg News, sources reveal that regulators are crafting a proposal for major urban centers like Shanghai and Beijing to slash deed taxes from a maximum rate of 3% to as low as 1%.

The strategic reduction aims to boost buyer interest and revitalize the housing sector, reflecting China's broader economic reform efforts.

(With inputs from agencies.)