Real estate sector gets policy props

The government yesterday waived business tax on real estate sales and relaxed mortgage policies for second-home buyers in the latest attempt to buoy the sluggish property market.

The policies were among those unveiled at an executive meeting of the State Council, or the Cabinet, presided over by Premier Wen Jiabao.

The 5.5 percent sales tax will be waived if the property is sold two years after purchase. Previously, owners had to wait at least five years before selling their house tax-free.