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GUANGXI, China: Nanning – the capital city of China's Guangxi province – is expected to see a boom in its property sector as farmers in rural areas cash in on new land policies and move to the cities.
Farmers can now swap their land use rights for a sum of money, which they can use to settle down in the provincial capital. The new policy is part of recent government measures to prop up China's property sector.
Fu Wencai, chairman, Guangxi Nanning Dadi Property Development, said: "Deed tax has been cut to 1 per cent for buyers of units that are smaller than 90 square metres. Banks have also cut the downpayment from 30 per cent to 20 per cent. This makes it cheaper for rural residents here to own a property in the city."
Stamp duty and land value-added tax have also been waived for individual buyers.
Given these incentives, industry watchers said farmers in the rural parts of the province may be drawn to buy property in Nanning.
"Many rural residents want to live in Nanning. It's a small provincial city with only 1 to 1.2 million residents. There's potential for the city to grow," said Fu.
The influx of domestic migrants into the city is expected to lead to the development of more mid-range housing projects.
And with more foreign investors heading to Nanning for business, property-watchers said high-end condominium projects will be in the pipeline as well.
- CNA/so
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