China unveils new tax incentives to revive struggling property sector

BEIJING (Reuters) – China on Wednesday unveiled tax incentives to support the ailing property sector, which will take effect from Dec. 1 this year, according to a finance ministry statement.

The ministry will expand the eligibility for the 1% deed tax to include apartments up to 140 square metres, up from the previous 90 square metres.

The minimum pre-collection rate for land value-added tax will be reduced by 0.5 percentage points, the statement said.