Mainland developers are expected to benefit from the 20 per cent capital gains tax on second-hand homes, which has been in force since the beginning of this month.
Homebuyers would now tend to turn to the primary market, property consultants said.
With fewer owners willing to offer their units for sale in the secondary market, homebuyers would have to go for new flats, said Albert Lau, the managing director of Savills China.
Lau remained upbeat about the market outlook, saying stable demand for housing would support home prices in the long run.
via Business feed http://www.scmp.com/business/companies/article/1214584/developers-benefit-capital-gains-tax
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