Secondhand housing transaction surges in China

0 Comment(s)Print E-mail Xinhua, March 8, 2013

Citizens conduct housing transactions at the Housing Transaction Center in Shijiazhuang, north China's Hebei Province, March 8, 2013. Secondhand housing transaction surges in the city these days as buyers and sellers are rushing to "catch the last bus" and complete their deals before the new measures are fully implemented. According to the statement from the State Council, homeowners selling property will have to pay a capital gains tax of 20 percent of the profit they make on the transaction. Homeowners were previously taxed 1 percent to 2 percent of the total sale price. [Xinhua]

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