The “five regulation rules in the housing market(国五条)” of BJ released

The details of the implementation of the “five regulation rules in the housing market(国五条)” in Beijing is reviewed today.The provisions prohibit people who are not Beijing residents to buy a second house starting from 31 March 2013. Also trading of the second house will be levied a 20% personal income tax. Tax exemption can only be granted in the sale of house with more than five years residence and the owner only has one house. Other policies are all targeting at controlling the price in the housing market such as further increasing the proportion of the mortgage down payment for the second house purchasing.

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