Caixin
Oct 01, 2022 04:06 AM
ECONOMY

China Offers Rare Tax Rebate to Spur Home Buying in Crisis

The tax break suggests the central government is ramping up support for people seeking to upgrade their homes.
The tax break suggests the central government is ramping up support for people seeking to upgrade their homes.

(Bloomberg) — China’s central government offered a rare tax incentive for residential purchases, ramping up support for the country’s embattled real estate sector.

Residents who buy new homes within one year after selling old homes will get refunds for personal income tax on profits from the sale, according to a statement on the finance ministry website. The tax refunds will take effect starting in October and running until the end of 2023.

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