Shenzhen's housing deed tax rises
2013-October-14 Source: Szdaily web edition
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Shenzhen’s housing deed tax has increased after tax authorities implemented new methods to evaluate the value of pre-owned apartments, local media reported.

The new evaluation method, which is based on market changes, increases the evaluation value of pre-owned apartments by 500 yuan (US$81) to 600 yuan per square meter, or by 5 to 10 percent of housing prices. Accordingly, it caused the city’s deed tax to increase by 5 to 6 percent, the Southern Metropolis Daily reported.

The value of a Longgang District apartment previously priced at 8,560 yuan per square meter, for example, could increase to 9,100 yuan per square meter with the new method. The seller and buyer would need to pay an additional 3,612 yuan for business, deed and income taxes, an increase of 6.3 percent from before Tuesday.

In September, the average price of pre-owned apartments in Shenzhen stood at 21,820 yuan per square meter, the figure’s eighth consecutive month above 20,000 yuan.

Shenzhen will continue tightening measures to restrict home purchases, housing officials said at a meeting Friday. In March, the city unveiled rules for new homes designed to keep price increases lower than this year’s average increase in residents’ disposable income.

Local housing officials also said they will likely increase down payments and loan rates for second-home purchases, but specific details were not provided.

Officials are aiming to control the city’s housing price increase to within 9 percent.

Shenzhen home prices increased by 18.4 percent in August.

Executive Vice Mayor Lu Ruifeng said officials will ensure a land supply for affordable housing that’s 20 percent greater than the average over the past five years.

Editor: Olivia
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