Policy makers at the recently concluded Central Economic Work Conference (CEWC) have recommended the construction of more low-cost houses and reducing the tax burden for individual home purchases.
Property deed tax, business tax and income tax are major hurdles for new homebuyers and also in second-hand house deals, said Yang Shaofeng, Managing Director, Conworld, a Beijing-based property broker.
The taxes on buying a second-hand apartment could be around 7 percent or even near 10 percent if the apartment is larger than 140 sq m.
"The Ministry of Finance, State Administration of Taxation and the Ministry of Housing and Urban-Rural Development may reduce the taxes soon, in line with the central government decision in the CEWC," Yang said.
