China plans to implement tax cuts for homebuyers in an effort to boost the struggling housing market.

The proposal would allow major cities like Shanghai and Beijing to reduce the deed tax for property purchases to as low as 1%, down from the current maximum of 3%.

This move is part of the government's strategy to provide fiscal support and stimulate demand in the real estate sector, which has faced challenges in recent years.

City governments will have the flexibility to adjust these tax regulations, potentially creating a more favorable environment for homebuyers in key urban areas.