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Today’s Top Headlines

Stamp Duty Hike Cooled Hong Kong Property Market

by Mary Swire,, Hong Kong

18 January 2017

At a media session on January 16, Hong Kong's Secretary for Financial Services and the Treasury, K C Chan, said that the further stamp duty increase introduced in November last year has achieved its objective of cooling the city'

"We think the latest round of stamp duty increase has really introduced a period of cooling in the market," he confirmed. "At this point in time, we believe that the latest round of stamp duty has done the job as we intended."

Chargeable on transactions for residential property signed on or after November 5, 2016, a new flat rate of 15 percent was substituted for the 8.5 percent ad valorem stamp duty. It was then stated that the stamp duty hike was intended "to address the overheated residential property market and to guard against a further increase in the risks of a housing bubble" in Hong Kong.

TAGS: tax | investment | real-estate investment | fiscal policy | real-estate | tax rates | stamp duty | Hong Kong

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