Asia Pacific Equity Research 31 December 2025 China Property Another new policy that is unlikely to shift the dial The MOF announced a reduction in value-added tax (VAT)—from 5% to 3%— for sales of homes owned for less than two years. The VAT for sales of homes owned for 2 years or more remains exempt (note: some news headlines may be worded to suggest this VAT exemption is new, but in reality this is not new). The latest move is not a total surprise, as market speculation back in November (more) already su ...