China Offers Rare Tax Rebate to Spur Home Purchase in Crisis
- Tax incentive is designed to arrest yearlong housing slump
- Lenders were told to ramp up financing for rest of year
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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 enjoy refunds for personal-income tax on the sale, according to a statement on the finance ministry website. The tax refunds will take effect from October till the end of 2023.