China's Guangzhou cuts taxes on larger home sales

GUANGZHOU, Nov. 22 (Xinhua) -- The southern Chinese metropolis of Guangzhou, Guangdong Province, announced on Friday that it will reduce taxes on transactions involving larger housing units, aligning with similar measures adopted earlier by Beijing, Shanghai and Shenzhen.

Starting Dec. 1, the city will scrap the distinction between ordinary and non-ordinary housing, according to an official notice. This means th