Panic selling of houses in Beijing with the announcement of 20% income tax in housing trading

According to the latest publicity of data from Beijing Municipal Commissions of Housing and Urban-Rural Development, one week after the release of the Detailed regulations of the “‘Five Rules” restraining the housing market(March 2 to May 8), the second-hand house trading amount reached the 9400 sets, with a substantial increase of 279.5% compared with the same period last month.

The introduction of the detailed regulations of the “Five Rules” restraining the housing market introduction will further increase the expected first payment of second house buying as well as the loan interest rates. And also the terms of the second-hand housing transactions, which is to levy a 20% of the income has been triggering a panic selling.

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