Closed shops in Hong Kong’s Mong Kok district. Many companies that have recently decided to offload assets have been forced to sell at losses. Photo: Winson Wong Closed shops in Hong Kong’s Mong Kok district. Many companies that have recently decided to offload assets have been forced to sell at losses. Photo: Winson Wong
Closed shops in Hong Kong’s Mong Kok district. Many companies that have recently decided to offload assets have been forced to sell at losses. Photo: Winson Wong

Hong Kong to abolish double stamp duty on commercial property in move designed to boost small firms’ cash flows

  • The measure is expected to help companies receive a fair price for their assets
  • The stamp duty for residential property will remain unchanged

Topic |   Hong Kong property
Closed shops in Hong Kong’s Mong Kok district. Many companies that have recently decided to offload assets have been forced to sell at losses. Photo: Winson Wong Closed shops in Hong Kong’s Mong Kok district. Many companies that have recently decided to offload assets have been forced to sell at losses. Photo: Winson Wong
Closed shops in Hong Kong’s Mong Kok district. Many companies that have recently decided to offload assets have been forced to sell at losses. Photo: Winson Wong

Corrected [10:44pm, 25 Nov, 2020]

  • [10:44pm, 25 Nov, 2020]

    This story’s headlines have been amended to show that the double stamp duty will be scrapped, not the stamp duty per se. The name of the stamp duty introduced in February 2013 has also been amended to Doubled Ad Valorem Stamp Duty (DSD). The story has also been amended to show that the double stamp duty affected the market across the board, and not just particular segments based on prices.

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