Chinese real estate business damp in Jan-July

BEIJING - Growth of tax revenue from China's real estate sector slowed in the past seven months and so did government revenue from land transactions, said a State Council report on Wednesday.

The revenue growth of corporate income tax paid by real estate companies dropped from 27.4 percent in the first seven months of 2013 to 5.8 percent in the same period this year, according to the report on implementation of the 2014 budget, submitted by the State Council to the ongoing bi-monthly session of the country's top legislature.

The revenue growth of business tax by real estate companies stood at 6.4 percent, 36.6 percentage points down from last year's figure.

The report also said that governments across the country received a revenue of 2.5 trillion yuan ($405.84 billion) from transactions in use rights of state land from January to July. The year-on-year growth was 23.9 percent, compared with a 49.4-percent growth in the same period last year.

The central government will work to channel market expectation and maintain the stable and healthy development of the real estate market, said Xu Shaoshi, minister in charge of the National Development and Reform Commission, when elaborating on a report on the implementation of the national economic and social development plan on the same day.

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