China Introduces Tax Incentives for Property Sector

BEIJING (Reuters) – China on Wednesday unveiled tax incentives to support the ailing property sector, effective from December 1 this year, according to a finance ministry statement.

The ministry will expand eligibility for the 1% deed tax to include apartments up to 140 square metres, increased from the previous 90 square metres.

Additionally, the minimum pre-collection rate for land value-added tax will be reduced by 0.5 percentage points, the statement noted.