China will lower value-added tax (VAT) on individual home resales from January 1, but while the measure has drawn interest from consumers, property agents have said most remain cautious and are adopting a wait-and-see approach. The policy would work to a certain extent, but its ability to revive the housing market was likely to be limited, they added. Individuals selling residential properties within two years of purchase would now be subject to a VAT rate of 3 per cent, down from 5 per cent,...