Stamp duty relief for corporate property buyers set to be voted down

An amendment to stamp duty legislation to give refunds to corporate buyers who hold on to premises for three years looks set to be voted down today.

Radical group People Power changed its stance on the issue for a second time, and decided to object to the proposal from pan-democrat Kenneth Leung.

The amendment, to legislation to impose a doubling of stamp duty on most property purchases, will be put to a vote in the Legislative Council today, the last day before its summer recess.

"There are a lot of grey areas in Leung's amendment," said People Power legislator Raymond Chan Chi-chuen after a special internal meeting last night.

"For example, companies run by mainland merchants or corporates would also be exempted," he said.

The group's other legislator, Albert Chan Wai-yip, agreed, saying that he feared a further exemption would push up property prices.

The government's bill would affirm the doubling of stamp duty on purchases of all property valued at more than HK$2 million, which buyers have been paying since February last year.