China Offers Rare Tax Rebate to Spur Home Buying in Crisis

(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.