Govt plans 20% to curb property prices

China will levy a 20 percent income tax on citizens when they sell their homes, the State Council, or the central government, said in a statement on Friday.

The move - the latest attempt to cool down the property market - follows a cabinet meeting on Feb 20 that vowed to keep fast-growing property prices in check.

In cities with soaring property prices, central bank branches will be able to further hike down payments and mortgage rates for second-home buyers, in line with the price targets set by local governments, the statement said.

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