Housing market gets lift

The central government yesterday stepped in to bolster the sagging real estate market by lowering transaction taxes, reducing down payments and lowering mortgage rates.

But analysts said the measures may not hold back price corrections because the current prices have surged far out of reach of many buyers.

Fleshing out a directive issued last Friday by the State Council for lowering the cost of home buying, the Ministry of Finance and the central bank yesterday announced that property purchase tax would be lowered to 1 percent for people buying their first home if it is smaller than 90 sq m.