China’s central government offered a rare tax incentive for residential purchases, ramping up support for the country’s embattled real estate sector.
Residents who buy new homes within one year after selling old homes will enjoy refunds for personal-income tax on the sale, according to a statement on the finance ministry website. The tax refunds will take effect from October till the end of 2023.
The novel tax policy comes after a yearlong slump in the housing market. To spark a turnaround, the central government is