As soon as this policy came out, landlords in Changsha were devastated. Isn’t this like working for free? A 20 percent tax? Why don’t they just rob us directly? So, what’s the reason behind this? I did some digging. It turns out that recently, the second-hand housing market in Changsha’s Wangcheng and Xingsha districts has been doing well, which means fewer people are buying new homes. Over the past two months, sales at many new housing developments have been dismal, with some projects barely selling in single digits. To encourage more people to spend money on new homes, the authorities have decided to target second-hand home landlords. If you sell a second-hand property, they’ll tax the profit at 20 percent. The poor landlords in Changsha are once again being exploited by the government.
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