China is planning to cut taxes for home purchases as the government dials up fiscal support to revive a moribund housing market, according to people familiar with the matter.

China is looking to slash taxes on home purchases as the government strengthens fiscal support for its ailing real estate sector, a media report said on Tuesday.

The annual event named by the numeric form of its Nov. 11 date was started by e-commerce platform Alibaba, which offered attractive discounts to entice shoppers to spend big. The extravaganza has since expanded to other platforms like JD.com and Pinduoduo in China as well as abroad.

China’s e-commerce firms reported an increase in the number of shoppers and a growth in sales for this year’s Singles’ Day shopping festival, although final figures were not publicly revealed.

China’s biggest e-commerce platforms issued a raft of numbers showing robust sales growth during the country’s biggest annual online shopping gala, belying concerns about the malaise dogging the world’s No.