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Hong Kong treasury chief stonewalls calls for more relief measures for homebuyers as Legco approves stamp duty bill
- Secretary for Financial Services and the Treasury Christopher Hui says stamp duty bill will benefit about 37,000 homebuyers
- Legislator Louis Loong urges authorities to drop all anti-property speculation measures imposed since 2010
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Hong Kong’s treasury chief has stonewalled calls for more relief measures to help residents purchase property as legislators approved a tax-cutting bill for buyers of cheaper homes.
Secretary for Financial Services and the Treasury Christopher Hui Ching-yu on Wednesday said the bill would benefit about 37,000 homebuyers by reducing stamp duty payments by up to HK$67,500 (US$8,612).
“The move will cost the government about HK$1.9 billion a year,” he added.
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Hui was addressing lawmakers during a Legislative Council debate over the Stamp Duty (Amendment) Bill 2023, which was eventually passed by a show-of-hands vote after a 30-minute discussion.
Stamp duty is a tax levied on documents that are required to legally record property transactions. The government began imposing a series of increased stamp duties on property in 2010 in a bid to crack down on rampant speculation.
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