Nanjing maps out 5 measures to boost property market

Published: 29 Dec 2008 17:38:18 PST

Dec. 29, 2008 (China Knowledge) - The Nanjing municipal government has recently unveiled five new measures to boost property market amid the global financial crisis, sources reported.

In response to the central government's stimulus plan, anyone who has owned a home for at least two years can now sell it without paying a tax. The previous waiting period for a tax-free sale was at least five years.

The Nanjing municipal government will reduce property tax from 4% to 3% for the high-end home buyers next year. Besides, the local government will also provide 1% of the total transaction value as subsidy to those purchasers.

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