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Hong Kong stamp duty

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.

 

The government should boost land supply to ensure adequate housing availability in the medium and longer term. Photo: Sam Tsang

Boost land supply to cool home prices

Having sought to plug a loophole that enabled buyers of multiple properties evade punitive stamp duty, the government appears to be facing yet another problem.

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