Nanchang: Phased subsidies for house purchases will be introduced, Minimum down payment for a second home declined to 30%

Nanchang Municipal People's Government Office issued a notice on the issuance of several policy measures to promote the steady and healthy development of the real estate market in the city. The notice pointed out that phased house purchase subsidies will be implemented. From now to December 31, 2023, those who purchase newly-built commercial houses in Nanchang (including non-residential houses, the purchase time is subject to the online signing and filing time of the purchase contract), and those who meet the conditions for enjoying Nanchang's Ten Talents House Purchase Subsidies will be granted 100% deed tax subsidy by the beneficiary finance after completing the payment of the deed tax. Other house buyers also can receive a 50% deed tax subsidy by the beneficiary finance after completing the payment. The Office will support the improvement of demand for house replacement. From October 1, 2022, to December 31, 2023, taxpayers who sell their own houses and re-purchase houses in the market within one year after the sale of their current houses will be given tax rebates for the personal income tax they have paid on the sale of their current houses. If the amount of the newly purchased house is greater than or equal to the amount of the transfer of the current house, all the personal income tax paid will be refunded; on the contrary, the personal income tax already paid for the sale of the existing housing will be refunded according to the proportion of the newly purchased housing amount to the transfer amount of the existing housing.