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Secondhand housing transaction surges in China

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

A staff member of taxation bureau sends hot water to people who have stayed up all night long for standing in a line at 7 a.m. outside the Sixth Taxation Office of Chaoyang District Local Taxation Bureau in Beijing, capital of China, March 8, 2013. Secondhand housing transaction surges in Beijing 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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