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,...