Buyers queuing for Sun Hung Kai Properties’ flats at Cullinan West III in Nam Cheong on 26 September 2019. Photo: Xiaomei Chen
Hong Kong’s October stamp duty income jumps as non-resident property buyers pile in to pick up bargains amid oversupply
- Buyers stamp duty, a 15 per cent surcharge on the price of a property that must be borne by non-permanent Hong Kong residents and corporate buyers, soared 2.8 times last month to HK$880 million (US$112.4 million)
- The number of transactions jumped 1.8 times to 296, according to data by the Inland Revenue Department
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Hong Kong property
Buyers queuing for Sun Hung Kai Properties’ flats at Cullinan West III in Nam Cheong on 26 September 2019. Photo: Xiaomei Chen
The ongoing protests in Hong Kong have dampened property developers’ participation in land tenders. Photo: AP Photo
Kai Tak runway parcel tender receives muted response even after valuation is cut by 15 per cent
- Only Sun Hung Kai Properties, CK Asset and two consortiums led by Sino Land and China Overseas Land & Investment submit bids for sea-facing parcel on the runway of Hong Kong’s former airport
- Knight Frank cuts valuation for the plot by 15 per cent to HK$19.8 billion
Topic |
Hong Kong property
The ongoing protests in Hong Kong have dampened property developers’ participation in land tenders. Photo: AP Photo