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.

 

Agents say their business hit by cooling policies

Campaigners against cooling measures yesterday. Photo: David Wong

An alliance of property agents against the government's market-cooling measures said they hoped to collect 200,000 signatures in a month to urge withdrawal of the policies.

Wednesday, 7 August, 2013, 4:07am 9 comments

Property-cooling measures here to stay: CY Leung

Leung Chun-ying. Photo: Felix Wong

The government would neither relax nor withdraw its property-cooling measures as hot cash remained abundant in the global market, Chief Executive Leung Chun-ying warned on his blog yesterday.

His comment came a day after Financial Secretary John Tsang Chun-wah appealed on his blog to lawmakers to pass the bills for the property taxes that were introduced over the past few months.

6 Aug 2013 - 3:36am 14 comments

Jones Lang LaSalle boss warns of risky climate for first-time homebuyers

Joseph Tsang, managing director of Jones Lang LaSalle, says the government should scrap its doubling of stamp duties. Photo: Felix Wong

Should first-time homebuyers be encouraged to enter the market now? For Joseph Tsang, managing director of property consultants Jones Lang LaSalle Hong Kong, the answer is a straightforward no. Not in the present climate.

10 Jul 2013 - 2:43am 1 comment

Factory dwellers appeal for inclusion in Community Care Fund subsidy

Community Care fund member Peter Cheung visits a man living in what looks like a cupboard in a Tai Kok Tsui factory. Photo: K. Y. Cheng

Despite measures to cool the property market and help poor people since last July, housing remains a severe social problem for Chief Executive Leung Chun-ying's administration.

8 Jul 2013 - 7:29am 1 comment

The limits of Chinese parochialism

Xi Jinping's visit may have had little substance but confirmed the near equality with the US that China is now widely assumed to possess. Photo: AP

Three events in recent days have focused needed attention on the international roles of China and Hong Kong: President Xi Jinping's high-profile visit to the US, Chief Executive Leung Chun-ying's almost invisible visit to the US, and the case of ex-CIA operative Edward Snowden.

7 May 2015 - 12:48pm 7 comments

Lawmakers warn of stand against stamp duty move

Groups including foreign chambers of commerce say the government's measures make no distinction between long-term investors and speculators. Photo: Dickson Lee

Lawmakers have warned the government that they will vote against a proposal to double stamp duty on property purchases if the administration fails to make substantial changes.

7 May 2015 - 12:48pm 3 comments

Stamp duty increase provokes protests

Property tax will double on sales over HK$2 million if the government's bill is approved. Photo: Sam Tsang

More organisations and individuals have joined the chorus of criticism against the doubling of stamp duty on the purchase of commercial properties, ahead of a meeting with lawmakers today.

It could become prohibitively expensive for businesses to buy their own premises to avoid high rental costs, the Royal Institution of Chartered Surveyors said.

7 May 2015 - 12:48pm

Chamber cries foul over stamp duty rise

The British chamber says the stamp duty rise will hurt the business community and overall competitiveness of Hong Kong. Photo: Bloomberg

The British Chamber of Commerce in Hong Kong said the doubling of stamp duty on the purchase of commercial properties would be harmful to the growth of small and medium-sized enterprises.

7 May 2015 - 12:48pm

Foreign chambers of commerce hit out at doubling of Hong Kong stamp duty

Manulife paid HK$191 million more to purchase its new tower in Kwun Tong.

Chambers of commerce that represent hundreds of foreign firms in Hong Kong are voicing unhappiness at the recent doubling of stamp duty on commercial property purchases.

7 May 2015 - 12:48pm 1 comment

Prospect of property slump adds to risk

Prospect of property slump adds to risk

Rising property values have increased our equity in our Hong Kong home. We are thinking of increasing our current home mortgage to buy a property in Britain or Canada. We are in our mid-50s and plan to repay the loan from the sale of our Wan Chai investment flat when we retire at 65. This flat is mortgaged to about 70 per cent of its value. What do you think?

7 May 2015 - 12:48pm

Double stamp duty on non-residential premises will hit businesses hard

Photo: AP

With limited supply and rife speculation, the cost of property in Hong Kong is notoriously high, which seriously challenges the city's economic development and the public's standard of living.

7 May 2015 - 12:48pm

Market changes call for stamp duty alternative

The current Buyers Stamp Duty is effective in a rising market, whereas cooling prices require a different approach. Photo: Bloomberg

The current Buyers Stamp Duty (BSD) is only really effective in a rising market and a more equitable form of tax such as a Capital Gains Tax (CGT) now needs to be planned for and implemented as a replacement as the market corrects.

7 May 2015 - 12:48pm 1 comment

Stamp duty chokes sales of Hong Kong commercial property

One Bay East

Commercial property deals in the city fell sharply over the past three months as short-term investors shied away after the doubling of stamp duty on the purchase of both residential and non-residential properties.

7 May 2015 - 12:48pm 3 comments

Saving stamp duty means leaving home

Saving stamp duty means leaving home

My wife and I are permanent residents and jointly own our home. We have separated and I would like to buy my own flat. Will I be exempt from the new higher stamp duties?

7 May 2015 - 12:48pm

Property investors switch focus from East Asia to the West

Piers Brunner of Colliers International says investors are looking for attractive opportunities outside Hong Kong. Photo: Edward Wong

The exodus of investors from Hong Kong's property market - sparked by the government's measures in February to curb speculation - is continuing, with buyers now seeking alternatives in the West.

7 May 2015 - 12:48pm