【财经看点】房地产交易环节契税、营业税优惠调整

Chinese authorities have decided to lower taxes on home purchases in most cities to help end the property glut. The finance ministry announced on Friday that houses above 90 square meters will be levied a deed tax at 1.5 percent of the home's value, down from the current 2 percent, for first time buyers in all Chinese cities. In terms of a second home purchase, tax rates will be cut to 1 or 2 percent depending on the size of the home, but the change excludes first-tier cities: Beijing, Shanghai, Guangzhou and Shenzhen. Previously the rate was 3 percent, regardless of floor space. In addition, sales of houses held more than 2 years will be exempt from business taxes in most cities. The new policy will take effect on Monday. China has recently reduced the minimum down payment required for first- and second-time home buyers in most cities, a move aimed at clearing a housing glut that is weighing on the broader economy and discouraging new investment.