Chinese city of Shanghai said it would reduce some taxes on real estate transactions

Chinese state media with the report, taxes on property reduced in Shanghai.

• Shanghai said on Monday it would reduce some taxes on real estate transactions effective from Dec. 1, a move that will support the local property market, according to state media report.
• Residents will be exempt from VAT when they buy a property for two years or more and sell it

Info comes via Reuters, more at the link.

This article was written by Eamonn Sheridan at www.forexlive.com.