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.

 

A bird in the hand may cost you a flock

A bird in the hand may cost you a flock

I'm buying a Hong Kong residential property. Should I buy it in my own name or through a company and trust arrangement?

Thursday, 7 May, 2015, 12:48pm

Property prices may fall 20pc after curbs, agent Savills says

Opus Hong Kong at 53 Stubbs Road, The Peak, by Swire Properties. Photo: Nora Tam

The prediction follows in the wake of a sharp drop in sales of commercial and residential properties since the government raised stamp duties payable on all commercial and non-residential properties sales effective from February 22.

7 May 2015 - 12:48pm

Slowdown in office sales in Admiralty amid property cooling measures

There were 12 office transactions in the Lippo Centre in Admiralty in February. Since then, only four sales have been made. Photo: Thomas Yau

Sales and prices of grade-A office space in Admiralty have fallen as a result of a doubling of stamp duties payable on the sale of non-residential properties.

7 May 2015 - 12:48pm

Hong Kong second-hand home sales rebound to 7-week high after new curbs

Grand Promenade

On February 22 the government announced new measures, including a doubling of stamp duty for homes and non-residential properties valued at more than HK$2 million, and requiring buyers of non-residential properties to pay stamp duty earlier.

7 May 2015 - 12:48pm

Q & A with our experts, April 17, 2013

Ocean Shore in Tseung Kwan O, where the market is growing.

Q: I'm an expatriate from Europe. I plan to buy a flat in the Hong Kong Parkview estate for my own use. It will cost about HK$19 million. How much stamp duty do I need to pay and are there any other new rules I should be aware of?

7 May 2015 - 12:48pm

DTZ predicts continuing uncertainty in Hong Kong property market

Taikoo Shing in Quarry Bay. Photo: Robert Ng

Overall residential prices in the secondary market have dropped about 5 per cent since the government announced the doubling of stamp duty on February 22, it noted.

7 May 2015 - 12:48pm

Frenzy over Greenview Villa vanishes

The site of Greenview Villa. More than 800 applicants opted out.

The first eligible buyers selected by lottery for flats in Greenview Villa in Tsing Yi, a subsidised housing project by the Hong Kong Housing Society (HKHS), were invited last week to choose their units. Guess how many turned up?

On the first day, just 60 per cent of the first 160 showed up. By Saturday, only 802 of the 1,600 applicants called appeared, and 717 flats were sold.

7 May 2015 - 12:48pm

Government needs better ways to rein in property prices

Hong Kong residential property prices continue to rise despite a rash of cooling measures. Photo: AFP

In the past three years the government and related agencies have intervened in the property market no fewer than 25 times, introducing additional stamp duties - a Special Stamp Duty and a Buyers' Stamp Duty - and mandating banks to lower their maximum mortgage advance ratios and run increased interest rate stress-test scenarios. Most recently, it doubled ad valorem stamp duty rates.

7 May 2015 - 12:48pm

Hong Kong home sales sink but worst still to come

Investors in the high end of the property market may need to take deeper cuts to book profit, one research report says. Photo: Reuters

Home sales dropped nearly 30 per cent last month, with analysts predicting the worst is yet to come. According to the Land Registry, 4,534 flats changed hands in March, a 28.1 per cent drop from February.

7 May 2015 - 12:48pm

K Wah keeps the faith despite curbs

Marinella, a residential joint-venture project by K. Wah International, Sino Land and Nan Fung Development. Photo: Nora Tam

K Wah International, the mid-tier developer, plans to speed up sales of mainland projects to offset the impact of cooling measures on both sides of the border.

7 May 2015 - 12:48pm

Lawmakers slam CY's Beijing call for 'breaching confidentiality'

Lawmaker Ronny Tong Ka-wah

The Civic Party's Ronny Tong Ka-wah said he had written to the Legislative Council's constitutional affairs panel: "The issue raised questions about the confidentiality principle and [the] "one country, two systems" [policy]. I hope Leung and others will come to the panel and address our doubts."

27 Mar 2013 - 6:02am 1 comment

CY Leung 'notified' Beijing before unveiling stamp duty

Chief Executive Leung Chun-ying receives a package from protesters at government headquarters in Admiralty yesterday. Photo: Sam Tsang

It raised concerns that Leung could have breached the Executive Council's confidentiality rule and the principle of Hong Kong people governing Hong Kong, and that the information could have been leaked to investors.

27 Mar 2013 - 7:22am 12 comments

CY phoned Beijing to clear stamp duty policy

Tam Yiu-chung. Photo: KY Cheng

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.

26 Mar 2013 - 5:53am 3 comments

Agents shut shops as curbs put sales on ice

Investors and speculators are staying away from the residential market, forcing some agents to shut up shop. Photo: Nora Tam

Property agents across the city are closing their branches as a series of government property-cooling measures continues to bite. Investors and speculators have been forced out of the market following the introduction of the measures, leaving estate agents battling to stay afloat amid the resulting plunge in sales activity.

7 May 2015 - 12:48pm

Q & A with our experts, March 20, 2013

Patrick Chow

Q:I have saved about HK$500,000. I want to use it for the down payment for a mortgage on my first home. Where can I find properties priced slightly over HK$2 million? What are the options?

7 May 2015 - 12:48pm