The State Administration of Taxation said it has temporarily stopped levying urban land-use taxes for land used for public rental housing, the Wall Street Journal reported. The stamp duty for public rental housing projects and taxes and stamp duties for the purchase of apartments by property management firms for use as public rental housing, will also be waived. The measures are designed to encourage the development of low-income housing and will be in place for three years, the administration said. Property price growth has slowed in recent months – most recently to an average of 9.3% year-on-year in 70 major cities in August – but Beijing is seeking lower prices, not simply slower growth.
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