Here is a list of the day’s latest China real estate news collected from around the web:
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China’s looming property taxes spark owner panic
Pre-opening queues have snaked around Chinese property trading centers in the past few days, with those in line vexed by the uncertain roll-out date of stricter market regulations.
They have been joined by Chinese netizens in feverish discussion of the March 1 announcement by central government that homeowners who sell will face income tax as high as 20 percent of the profit they make on the transaction. With no firm timeline set for the imposition of the measure, which is designed to cool the red-hot property sector, many are racing to sell.
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Guangdong implements new real estate restrictions
The Guangdong provincial government has unveiled rules to curb rising housing prices, and promised to strictly enforce the country’s new 20 percent income tax on home sellers’ capital gains.
Early this year, the State Council, or China’s cabinet, announced that property owners who sell their homes will have to pay an income tax equivalent to 20 percent of the profit they make on the transaction. The income tax for such sales is currently 1 to 2 percent of the sale price. The new measure is intended to cool the property market.
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Chinese leading foreigin investors in Queensland real estate
FOREIGN investment in Queensland’s residential property market has risen for the first time in four years.
New analysis of overseas buyers revealed they spent more than $443 million in the 2011/2012 financial year – about 33 per cent higher than the previous year.
For the third year running the majority of buyers were from China, according to the Colliers International report.
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