Regulators are developing a proposal that would enable major cities, such as Shanghai and Beijing, to reduce the deed tax for buyers to as low as 1%, down from the current rate of up to 3%, the report added.
The U.S. dollar rose toward a four-month peak versus major peers on Tuesday, while bitcoin extended its record rally as investors continued to pile into trades seen as benefiting from the incoming Donald Trump administration.
China unveiled a 10-trillion-yuan ($1.4-trillion) debt package on Friday to ease local government financing strains, as the world’s biggest oil importer faces fresh pressure from the re-election of Donald Trump as U.S. president.
The world’s biggest cryptocurrency has been on a tear since last week after Trump won the 2024 presidential election. Bitcoin has also largely sustained its rally despite signs that risk appetite was cooling in other asset classes, especially stocks.
Asian stocks tumbled on Tuesday dragged by Chinese markets and chip shares as investors worried about U.S. President-elect Donald Trump’s policies, while bitcoin hit a record peak on bets on assets that are set to benefit from the new administration.
