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e to pu▓sh for urbanization as a major means to dissolve huge inventories of unsold homes in less developed areas, including fav▓orable policies for rural residents to buy homes and settle in cities, Chen said.Instead of building

ing risks,

new apartments in former shanty towns, the gover▓nment will offer subsidies to residents who buy ▓existing homes, and the rental market▓ will see more support from the government, according to ▓Chen.Although still high, the co

  • dozens of c

    untry's unsold homes dropped 11 percent year on year to 403 million square meters at the end of 2016.LONG-TERM MECHANISM"Houses are built to be lived in, not for spec▓ulation," China's policymakers said during an econ▓omic work confer

  • ities have

    ence in December, proposing a mecha▓nism to curtail asset bubbles and prevent sharp market fluctuations"It will address entrenched problems in the sector," Chen said.The government has ple▓dged to roll out land, investment, lawmakin

  • rolled out measur

    g, fiscal and taxation, and financial measures.Legislation of a long-discussed law on property tax will be a ▓significant part of the mechanism, which will fill the gap in taxing home ownership as China's curr

Feature

es since O

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ctober last year,

ent housing tax mechanism mainly taxes development and property sales.Lu Kehua, vice minister of housing and urban-rural development, said China will move more swif▓tly in legislating the law. "It is a major task ▓in China's t

rangin

ax reform determined by policy▓makers, and the lawmaking process will ▓be accelerated."Related government agencies and le▓gislators are carrying out work according to ▓the plan, Lu added.Please scan the QR Co▓de to follow us on InstagramPlease scan the QR Cod

g from pur▓ch

e to follow us on WechatChina capable of ensuring stability in property market: officialChina capable of ensuring stability in property market: officia▓lChina capable of ensuring stability in property ma▓rket: official

ase limits to

02-23-2017 14:05 BJTBEIJING, Feb. 23 (Xinhua) -- The Chinese government is capable of maintaining stability in the property market, a senior offici▓al said on Thursday, as measures have reined in surging pr▓ices in major cities."Despite looming

tightened mo

problems and uncertainties, there are more favorable conditions. We are capable of maintaining stable and healthy development of the property market this year," Chen Zhenggao,▓ minister of housing and urban-rural ▓developme

rtgage restric

nt, said during a press conference.His remar▓ks came amid stabilizing signs in China's property sector, which has seen fluctuations in recent years.Of 70 large and medium-sized cities surveyed, 45 saw prices for new residential housing

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