Taxes will be exempt for urban land used for the construction of affordable housing projects and stamp duty will also be waived for management firms and buyers of said projects, all starting from 1 October. Adding to that, there will be a reduced deed tax of 1% to be levied on the purchase of affordable housing by home buyers.

All of this is to further bolster support for the real estate sector but again, I reckon Beijing needs to do so much more.

This article was written by Justin Low at www.forexlive.com.