Chinese ADRs and ETFs Jump As China Launches New Tax Incentives for Real Estate

Tiger Newspress11-13

China MOF announced tax policies to promote stable and healthy development of real estate market:

cuts tax rate to 1% for individuals purchasing sole home of 140 square meters or less;
cuts tax rate to 1.5% for individual purchasing sole home over 140 square meters
cuts tax rate to 2% for individuals purchasing second home over 140 square meters

to lower minimum pre-collection rate for land value-added tax by 0.5 ppts

no more vat for individuals on sale of homes purchased for over 2 years (including 2 years)

tax regulations to be implemented starting december 1

Hot Chinese ADRs and ETFs jumped in premarket trading on Wednesday. Fangdd Network Group rose 28%; KE Holdings rose 9%; YINN rose 5%; XPeng, Bilibili rose 4%; NIO rose 2.6%; PDD, Alibaba up 2%.

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