Yanlord

Yanlord: Property Cooling measures in Shanghai and Beijing likely to weigh on Chinese developers. Over the weekend, Shanghai and Beijing announced that they would put in place a series of new restrictions and penalties on housing sales. In Beijing unmarried individuals would now be allowed to purchase only one residence. The city also increased the minimum down payment for buyers of a second home and imposed a 20% capital gains tax on owners’ selling a residence. In Shanghai, an identical capital gains tax was announced and took immediate effect, and city officials pledged to install and enforce other measures aimed at stabilizing housing prices. The stiffer capital gains taxes take the place of a 1% to 2% transaction tax that was previously assessed on the final price of the property being sold.