China Plans to Slash Homebuying Taxes in Fiscal Stimulus
- Home purchase deed tax could be cut to 1% from 3%: people
- Move signals more fiscal support for the sluggish economy
China is planning to cut taxes for home purchases as the government dials up fiscal support to revive a moribund housing market, according to people familiar with the matter.
Regulators are working on a proposal that would allow mega cities including Shanghai and Beijing to cut the deed tax for buyers to as low as 1% from a current level of as much as 3%, the people said, requesting not to be identified because the matter is private. City governments have leeway to tweak the rules, the people added.
