According to the latest real-estate stimulus package unveiled on Dec. 17 by the State Council, someone who has owned a home for two or more years can now sell it without having to pay business taxes. Previously, owners had to wait at least five years before selling houses tax-free.
If owners sell their houses within two years, they only have to pay taxes levied on the profit, not the sales price.
To boost home buying, the government also allows people with "smaller-than-average" apartments to buy a second apartment under favorable loan terms. Size limits differ in every city.
Previous measures include pledges to build more affordable housing and cut mortgage rates and down payments for first home buyers.
(Xinhua News Agency January 10, 2009)
