Source: CCTV.com

12-18-2008 09:35

OCT 27 2008: Mortgage loan benchmark interest rate

present         before 27 Oct.

4.851%          6.93%

Rates for the Public Housing Fund(less than 5-year loan)

present         before 27 Oct.

4.05%           4.32%

NOV 1 2008:

Down payment

present                                  before 1st. Nov

20% 30% for the 1st house     40% for the 2nd house

NEW POLICIES FOR PROPERTY MARKET

                                         present            before 1st. Nov

Stamp duty                         exempted         0.05%

Land value-added tax          exempted         1%(Beijing)

Deed tax                            1%                  4%(Beijing)

NOV 12 2008: China decided to invest 900 mln yuan in building policy-supported housing projects

DEC 17 2008: Tax will be exempted for the houses that have been held for two years after purchase instead of the previous five-year requirement.

 

Editor:Xiong Qu