Source: CCTV.com

10-27-2008 08:29

New policies to make it easier for people to buy homes is stirring up some interest in the real estate sector. This has been helped by local governments following the example set by the central government.

New policies to make it easier for people to buy homes is stirring  up some interest in the real estate sector.(CCTV.com)

Nanjing citizens now need to pay no tax when they buy houses under 90 square meters. This is according to new policies announced by the Ministry of Finance, and the local municipal government.

The city's autumn property expo has got a boost from the move, attracting more visitors this time round. Most are looking for properties under 90 square meters, because local government will provide 1 percent of subsidies for such property. This equals to a lowered tax of 1 percent, which means buyers are actually not paying any taxes at all.