Microblog insights

Updated: 2013-03-04 07:51

(China Daily)

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Topic 1:

In the latest regulation following the State Council's meeting on Feb 20 about the urban residential housing market, the central government ordered that a 20 percent individual income tax be levied on capital gains by home sellers. Currently, only a 1 percent individual income tax is levied on the sale price, much lower than the 20 percent tax on the difference between the sale and purchase prices. Meanwhile, for cities that experience soaring property prices, the branch of the central bank could further lower payments and mortgage rates for second-home buyers, in line with the price target set by local government, the statement said.

Wenjiqiwu: Some of the new home projects in Beijing that I've seen sold for 25,000 yuan ($4,013) (a square meter) in December. Now they are selling for more than 32,000 yuan. In just two months! It's crazy!

Zhou Pidong: I fear the extra 20 percent individual income tax will be paid by the home buyers rather than the sellers.

Hunchidengsi: There are two possible results: First, under the reality that the tax and fees are paid by the home buyers, the burden on the buyers will be increased and secondhand house transactions will reduce; second, home buyers will be forced to buy a new home, which will drive up demand and the price of new homes as well.

GrantChENye: I don't understand how these measures can curb home prices. Those who want to sell their old homes to trade for a new home will have to pay 20 percent tax.

Topic 2:

Starting from March 1, Hong Kong authorities have banned travelers from leaving Hong Kong with more than 1.8 kilograms of infant formula to prevent shortages. Hong Kong formula is sought after by mainlanders who are concerned about food safety. Ten people who violated the new regulation have been arrested. People caught smuggling milk powder will face fines of up to HK$500,000 and up to two years in prison.

Daliangdemei: Look at Hong Kong. They do what they say. Look at the mainland. Poor regulation and shameful manufacturers of milk formula. It is ridiculous that bringing in a bag of formula is like bringing in narcotics.

Xindalu: If the mainland government levied such a heavy punishment for criminals, corruption and food safety would not be a problem.

SuyiGG: If the safety of the mainland's formula could be ensured, why do moms bother to travel to Hong Kong to buy formula milk?

The Information is from Sina Weibo