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China eases tax rules for home sales

Source:   Time:

BEIJING, March 30 (Xinhua) -- Sales of homes purchased over two years ago will be exempt from a tax of 5.6 percent on the current and original price gap, Chinese authorities said on Monday.

Currently, sales of homes purchased over five years are exempt from the tax.

The new rules are meant to "promote a healthy development of the housing market," Ministry of Finance and the State Administration of Taxation said in a joint statement.

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