China will exempt, starting from Nov. 1, the stamp tax on property purchase and the value-added tax of land on property sales to boost the recessive real estate sector, the Ministry of Finance said on Wednesday.

The contract tax would be reduced to 1 percent, starting from Nov. 1, on purchase of the first unit of housing with a floor space no more than 90 square meters, the ministry said.

The People's Bank of China, the central bank, said on late Wednesday that the down payment for first unit of housing with a floor space of more than 90 square meters for self use would not be less than 20 percent. The new practice will take effect as of Oct. 27.