In a falling property market, the stamp duty will foster the growth of negative equity cases, as many owners are discouraged from selling their homes by the extra transaction cost, says Wong. Photo: Getty Images
Opinion
Opinion
Concrete Analysis
Why scrapping special stamp duty would help alleviate Hong Kong’s housing shortage problem
- Removing the duty imposed 10 years ago would help increase market supply and drive market prices back to equilibrium, writes Martin Wong of Knight Frank
- The tax has ‘failed to serve its purpose of dampening investor demand and helping first-time buyers’
In a falling property market, the stamp duty will foster the growth of negative equity cases, as many owners are discouraged from selling their homes by the extra transaction cost, says Wong. Photo: Getty Images