Shenzhen to collect home-sales tax

Updated: 2011-06-11 10:32

(China Daily)

Shenzhen will impose a transaction tax on existing home sales based on a reference price determined by market conditions, the city's taxation administration said in a statement on its website.

The measure will be implemented if the contract prices of the homes are too low without reasonable explanation, the statement said. The measure will begin on July 11.


About Shenzhen

Shenzhen is located at the southern tip of the Chinese mainland on the eastern bank of the mouth of the Pearl River and neighbors Hong Kong.

The brainchild of Deng Xiaoping, the country's first special economic zone was established here by the Chinese Government in 1980. It has been a touchstone for China's reform and opening-up policy since then.