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Differential Housing Policies for Different Cities

时刻:2016-02-24 07:11来历:不知道 作者:voa365 点击:

As China reduces taxes for home buyers in its latest move to stimulate the real estate market, some experts are suggesting the tight grip on the housing markets in the first-tier cities should remain in place.

China has listed destocking the property inventory as one of this year's major economic tasks, amid fears that an ailing housing market could derail the economy.


The latest easing policy, which came into effect on Monday, states that first time buyers will pay a deed tax of 1.5 per cent on housing units above 90 square meters, which is down from 2 per cent.


For second home buyers, the tax rate will be 1 percent for units under 90 square meters, and 2 percent for larger units in all Chinese cities excluding the big conurbations of Beijing, Shanghai, Guangzhou and Shenzhen. Previously the tax rate was 3 percent, regardless of floor space.


In addition, sales of houses which have been held by owners for more than two years will be exempted from taxes in all Chinese cities except the above-mentioned metropolitan areas.


Jia Kang, from the China Academy of New Supply-side Economics, says differential policies for different cities is necessary.


"The tier one cities should be treated differently, since the housing markets in those cities rebounded quite fast. It's necessary for the government to adopt a differential policy for those cities for fear that the market might get overheated."


Mao Zhenhua, head of Institute of Economic Research of Renmin University, agrees with that view.


"In general, the imbalance between the supply and demand in the housing market has been eased greatly. We should still de-stock the high inventory in some areas while stabilizing the market where there is ample demand."


It's expected that the large metropolitan areas would be excluded in any stimulus packages for some time to come due to strong demand.


But equally, it's widely believed that more support is needed to stimulate property markets elsewhere in the country.


Hu Zuliu is president of Primavera Capital Group, a leading China-based investment firm.


"I used to oppose regulating the housing market with administrative measures or purchase restrictions. I think they have overdone it. However, I think it's the right time to take action now to loosen rather to spur the property market."


Earlier this month, China's central bank relaxed rules on down payments for home purchases in cities which had no purchase restrictions, and to allow lenders and local authorities to decide on their own levels for down payments required from prospective buyers.