The Chinese government has announced measures to curb housing speculation, but before the tax and other measures are implemented there will be a surge in transactions.
China’s home price inflation may be steeper than official data suggest, with a near quadrupling of home sales in the capital last week after the government unveiled tax plans to curb speculation, a sign that investors have giant gains to lock in.
Pre-owned home sales in Beijing soared 280 percent year-on-year in the week of March 2-8, according to local government data, and were up 141 percent on the previous week.
The government announced on March 1 plans to introduce a 20 percent capital gains tax and higher down payments for second-time home buyers to dampen expectations of more price rises.
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