To rein in the city's runaway housing prices, Hong Kong's Financial Secretary John Tsang Chun-wah announced an additional 15 per cent stamp duty on non-permanent-resident and corporate buyers starting from October 27, 2012. The move prompted speculation over the effectiveness of taxation on the real estate market and criticisms that Hong Kong was turning away from its roots as a free market economy in favour of a more protectionist market environment.
Yesterday, this column argued that the Hong Kong government's punitive tax on non-residents who buy apartments in the city will do nothing to make the property market more affordable for locals.Wednesday, 31 October, 2012, 7:17am 17 comments
The new stamp duty policy announced last Friday for non-local home buyers in Hong Kong is more than a new property rule as it puts the government on the fast track to greater regulation in a city that has been ranked as the world’s freest economy by the Heritage Foundation for 18 consecutive years.30 Oct 2012 - 10:06am 5 comments
On Friday evening Financial Secretary John Tsang Chun-wah announced two new punitive property tax measures aimed at "maintaining a healthy, stable property market".30 Oct 2012 - 10:08am 14 comments
At the Tsim Sha Tsui sales office of The Reach estate in Yuen Long, only a handful of prospective buyers milled around, in sharp contrast to Friday night when mainlanders and locals dashed in to scramble for new homes before a new tax on non-local homebuyers took effect.
One woman from Guangxi rued her missed opportunity as she only learned of the new measures on the spot.30 Oct 2012 - 10:00am