Home buyers must prove they are first-time purchasers before they can benefit from a reduced 1% deed tax levied on property transactions. The Ministry of Finance cut the rate to 1% for first-time buyers of homes smaller than 90 square meters in November last year.
This is part of a wider effort throughout China. Premier Wen Jiabao has pledged to tackle “excessive” property-price gains in some cities, using tools including taxes, loan rates and the construction of more low-cost housing.
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