The government's punitive tax on non-resident buyers will do nothing to make the market more affordable for locals in the near term. Photo: AFP  The government's punitive tax on non-resident buyers will do nothing to make the market more affordable for locals in the near term. Photo: AFP
The government's punitive tax on non-resident buyers will do nothing to make the market more affordable for locals in the near term. Photo: AFP
Tom Holland
Opinion

Opinion

Monitor by Tom Holland

Taxing foreign buyers failed in Singapore. It will fail in Hong Kong too

The government's new punitive measure on the property market will have an effect – it will lead to the demise of the city as a financial centre

The government's punitive tax on non-resident buyers will do nothing to make the market more affordable for locals in the near term. Photo: AFP  The government's punitive tax on non-resident buyers will do nothing to make the market more affordable for locals in the near term. Photo: AFP
The government's punitive tax on non-resident buyers will do nothing to make the market more affordable for locals in the near term. Photo: AFP
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Tom Holland

Tom Holland

Tom Holland is a former SCMP staffer who has been writing about Asian affairs for more than 25 years