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.

 

Unpaid property taxes piling up in law firms a risk as Legco delays stamp duty bill, John Tsang claims

Unpaid property taxes piling up in law firms a risk as Legco delays stamp duty bill, John Tsang claims

Law firms risk having to keep an increasing amount in property taxes paid by clients because of a delay in passing legislation to enact a doubling of stamp duty, the financial chief claims.

Monday, 7 July, 2014, 9:12am 3 comments

Property market still open to loopholes

Property market still open to loopholes

Few people disputed the need to cool the bubbly property market last year. But the way the government goes about it has been less than rational.

16 May 2014 - 3:03am 6 comments

Easing of double stamp duty another example of Leung's failed housing policy

Secretary for Financial Services and the Treasury Professor Chan Ka-keung told legislators that part of the measures to cool the property market would be relaxed.

Secretary for Financial Services and the Treasury Professor Chan Ka-keung told legislators on Tuesday that part of the measures to cool the property market would be relaxed, to make it easier for residents to upgrade their flats.

16 May 2014 - 3:03am 4 comments

New stamp duty may lead to fewer old buildings being redeveloped

A further drop in acquisitions for redevelopment is expected. Photo: Dickson Lee

The imposition of extra stamp duties, which caused a 72 per cent drop last year in developers' purchases of old buildings for redevelopment, will continue to affect the sector this year, property consultants say.

7 May 2015 - 12:48pm 1 comment

Home sales rise as owners cut asking prices

Analysts expect home prices to continue to edge down. Photo: AFP

Home sales in the secondary market picked up in the past week as more flat owners cut their asking prices. Analysts said the outlook was negative, with prices edging down.

7 May 2015 - 12:48pm

Mass rally planned against controversial property market cooling measures

The group plans to submit 150,000 signatures to call for abolishing the market cooling measures. Photo: Sam Tsang

A lawmaker has urged the government to drop a loophole that allows property buyers to avoid higher stamp duty by buying flats in their children's name.

7 May 2015 - 12:47pm 5 comments

Higher stamp duties approved by Legco 16 months after being imposed

Protests last year calling for the government to scrap the higher stamp duties. Photo: SCMP Pictures

Higher stamp duties to cool Hong Kong's property market finally became law yesterday amid a flurry of grandstanding in the Legislative Council. The duties, which have been levied since October 2012, were approved after a marathon 35-hour debate over four days.

23 Feb 2014 - 2:40pm 4 comments

Controversial property stamp duty bill moves one step closer to passage

Secretary for Transport and Housing Professor Anthony Cheung Bing-leung. Photo: Sam Tsang

The second-hand property market has hit its worst level since records began, property agents said as the Legislative Council passed the second reading of a bill to formally introduce the buyer's stamp duty.

21 Feb 2014 - 2:40am

Legco set to vote for year-old stamp duty rise

Legco set to vote for year-old stamp duty rise

Additional stamp duties introduced to cool the property market look set to become law tomorrow - more than a year after they took effect - after a concession by the government last week won more support from legislators.

At least 42 of the 70 lawmakers say they will support the government's Stamp Duty (Amendment) Bill when it is put to a Legislative Council vote.

18 Feb 2014 - 5:26pm

Drastic measures necessary to stabilise Hong Kong property market

Drastic measures necessary to stabilise Hong Kong property market

The Legislative Council will resume the second reading of the Stamp Duty (Amendment) Bill on Wednesday. The bill, if passed, will end the extended period of uncertainty in the market over the demand management measures introduced by the government in October 2012 - namely, an enhanced special stamp duty to curb short-term speculation and a new buyer's stamp duty to raise transaction costs for everyone except Hong Kong permanent residents.

17 Feb 2014 - 3:05am 3 comments

Changes to stamp duty adjustment system to incorporate different approaches

Transport and Housing Secretary Professor Anthony Cheung

The government has announced changes to its system of adjusting stamp duty levels, amid lawmakers' repeated attempts to limit its power to do so.

15 Feb 2014 - 4:28am

Government must back off to keep Hong Kong a truly free market

The visible hand

Hong Kong's economy has always been a global stand-out, rated the world's freest for 20 consecutive years in a ranking compiled by the US-based Heritage Foundation and The Wall Street Journal. However, with a drop in the score for corruption and increasing government control over land policies as well as factors limiting the flow of information, the gap to the others - notably Singapore - has narrowed further.

5 Feb 2014 - 4:13am 10 comments

Cooling measures to stay amid risk of property bubble

Financial Secretary John Tsang Chun-wah says the government will not drop property cooling measures. Photo: AFP

The government has no intention of dropping property cooling measures as the risk of a property bubble remains high, Financial Secretary John Tsang Chun-wah said on Monday.

At the meeting of the Legislative Council financial affairs panel, Tsang said Hong Kong’s economy was forecast to expand by three per cent this year, with inflation estimated at four per cent for the whole year.

2 Dec 2013 - 2:00pm 2 comments

Property cooling measures unfair to locals, Hong Kong lawmakers say

Buying flats through a company is common in Hong Kong, but lawmakers say these buyers are penalised. Photo: Bloomberg

Housing officials are facing mounting pressure to scale back an anti-speculation measure that seeks to cool the market by taxing corporate property buyers more than private buyers.

17 Sep 2013 - 7:26am 9 comments

Hong Kong's property curbs likely to stay until prices fall further

CIMB's Andrew Lawrence, who enjoys this view from his office in Kowloon's ICC, believes prices will continue to decline. Photo: Nora Tam

Pleas by real estate agents for the Hong Kong government to relax its measures aimed at cooling down the property market are likely to fall on deaf ears until prices have fallen further, say analysts.

21 Aug 2013 - 3:11am 1 comment

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