image

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.

 

Tam Yiu-chung. Photo: KY Cheng

CY phoned Beijing to clear stamp duty policy

The influence of mainland authorities on Hong Kong policy has been thrown under the spotlight by the exposure of a sensitive phone call, which Chief Executive Leung Chun-ying has refused to acknowledge.

3