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China announces tax exemption to boost property sector

(Xinhua)
Updated: 2008-10-22 20:36

A worker walks past a new apartment building at a construction site in Shanghai, in this July 16, 2008 file photo. [Xinhua]

BEIJING -- China will exempt, starting from November 1, the stamp tax on property purchase and the value-added tax of land on property sales to boost the recessive real estate sector, the Ministry of Finance said on Wednesday.