Stricter measures to cool property market

Updated: 2013-03-01 22:58


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BEIJING - Amid expectations of rising housing prices, China's central government on Friday rolled out specific rules to further tighten control of the property market.

The government said in an online notice that homeowners who sell their homes will be levied an income tax as high as 20 percent of the profit they make on the transaction.

Prior to the new rules, a 2-percent income tax would be levied on those selling homes.

The notice said local branches of the central bank in cities with soaring home prices can increase the down payment rate and mortgage loan interest rate for home buyers purchasing a second unit.

Non-local families with one home or more, as well as non-local families without a certain amount of years of tax payment certificates or social security payment certificates, will be banned from buying homes in the cities in which they currently reside.