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China's finance ministry said on Friday that it plans to cut transaction taxes for second-time home buyers and some first home buyers to stimulate the property market. The transaction tax on second homes smaller than 90 square meters will be lowered to 1% from 3%, while tax for homes of more than 90 square meters will be cut to 2. The tax on first homes larger than 144 square meters will be cut to 1.5% from 3%.
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