Capital Gains Tax Contributes to Surge in Beijing’s CRE Market
In an effort to cool the residential housing market, China implemented a 20 percent capital gains tax on residential property effective March 1, along with higher down payment requirements for second home buyers. The previous capital gains tax rate was between one and two percent. As a result of this increase, sales in Beijing’s commercial real estate market increased by 320.5 percent according to NuWire Investor.
during the first 10 days of March. A total of 759 commercial real estate units were sold and registered in the first ten days of the month, accounting for 6.3 percent of all recorded transactions during the period,Last Updated on March 30, 2013 by Ramin Seddiq