Local governments granted authority to revitalise property markets

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    clpstaff &clp articles

    Central government allows local governments the right to establish measures

    Local governments now have the authority to issue their own rules on property markets. The authority was passed down by the central government on October 18 in the hope to boost the cooling off in the property market.

    The measures include raising the ceiling on government funding or subsidies for home-buyers as well as cutting taxes and extending the time limit for property firms to develop lands parcels.

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