China announces new policy to boost property sector 

　　财政部２２日宣布，从11月1日起，对个人销售或购买住房暂免征收印花税；对个人销售住房暂免征收土地增值税。地方政府可制定鼓励住房消费的收费减免政策。 在此之前，央行决定自10月27日起，将商业性个人住房贷款利率的下限扩大为贷款基准利率的0.7倍；最低首付款比例调整为20%。财政部有关负责人表示，上述政策的实施将有利于改善住房消费的政策环境，减轻广大人民群众特别是中低收入者的购房负担，扩大住房消费需求。

　　China announced late on Wednesday an array of policies, including tax exemption and mortgage deposits reduction, to boost the falling real estate sector amid the global economic downturn.

　　The People's Bank of China, the central bank, said in a website circular late on Wednesday that the down payment for an initial purchase of housing with a floor space of more than 90 square meters for self use could not be less than 20 percent. Previously, the figure was 30 percent.

　　The new practice will take effect Oct. 27.

　　The interest rates on a mortgage for first time home buyers would be cut by 0.27 percentage points to boost domestic consumption. The floor for interest rates would be lowered to 70 percent of the central bank's benchmark rate, the central bank said.

　　It said the adjustment was made to offset the negative impact brought about by the widespread global financial crisis and to stimulate domestic consumption amid the world economic slowdown.

　　The new policy demonstrated the central government's determination to stabilize the property market and to maintain economic growth, said Hua Wei, a professor with the Shanghai-based Fudan University.

　　The tax incentive can not be deemed as only to stimulate the sector of real estate, it is also part of the macro economic policy adjustment, according to Bai Jingming, deputy director of the Fiscal Science Research Institute of the Ministry of Finance.

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