Legal basis: Article 8, paragraph 1 of the Detailed Rules for the Implementation of the Provisional Regulations on Deed Tax in People's Republic of China (PRC) transfers the ownership of land and houses in the following ways, which shall be deemed as the transfer of land use rights, the sale of houses or the gift tax of houses: (1) those who make capital contributions or take shares at a fixed price. The deed tax shall be paid in accordance with the provisions when investing in shares with the right to use state-owned land. The deed tax rate is 3-5%.