IN BRIEF (Page 4)

Beijing

Home transaction taxes to be cut

China will cut deed and business taxes for home purchases to help end the property glut. The Ministry of Finance said on Friday that houses above 90 sq m will be levied a deed tax of 1.5 percent of house value, down from 2 percent, for first-time buyers in all cities. For second home purchases, tax rates will be 1 percent for those under 90 sq m and 2 percent for larger homes in cities excluding Beijing, Shanghai, Guangzhou and Shenzhen. Previously, the rate was 3 percent. The new policy will take effect on Monday.