As it happened: Hong Kong halves buyers’ stamp duty for non-residents to 7.5%, as John Lee also cuts levy in half for locals in policy address, as property curbs eased for first time in over decade

John Lee lays out second blueprint for city’s future, unveiling halved buyers’ stamp duty for non-residents, as property curbs slashed for first time in more than decade
Among new measures, Lee confirms a HK$20,000 handout for parents with newborns if at least one has been a permanent resident for three years

John Lee

SCMP Reporters

Published: 10:57am, 25 Oct 2023

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Chief Executive John Lee leaves the Legco chamber after delivering his policy address. Photo: Sam Tsang

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A HK$20,000 cash handout for new parents and priority for them to either buy or be allocated subsidised housing were among measures unveiled by Hong Kong leader John Lee Ka-chiu in his second policy address on Wednesday amid struggles over a sluggish economy, shrinking reserves and falling birth rate.

He also eased some property market cooling measures to help boost sales.

Key measures:

Buyers’ stamp duty halved to 7.5 per cent from 15 per cent for non-permanent residents, effective immediately, and for residents buying a second or additional home
Special stamp duty equivalent to 10 per cent of home price will be waived for owners who resell property after two years, cut from three years, effective immediately
Eligible overseas talent no longer required to pay stamp duty on property unless they fail to become permanent residents
Stock trading stamp duty restored to 2021 level of 0.1 per cent of the value of trade for buyers and sellers, down from 0.13 per cent, to take effect end November
HK$20,000 handout for parents with newborns if at least one parent is a permanent resident
Families with newborns to be given priority in queue for public rental homes, effective in April next year
Families living with firstborn child will enjoy a 20 per cent higher tax deduction ceiling at HK$120,000 until child reaches 18
Enactment of Article 23 national security law expected in 2024
A working group will be set up to coordinate patriotic education among government departments and NGOs
Foreign staff of overseas companies registered in Hong Kong will be allowed to apply for a single visa for multiple entries to the mainland, from Thursday
Visa requirements to be relaxed for incoming workers from Vietnam, Laos and Nepal
Financial Secretary Paul Chan to set up an office to come up with funding proposals for Northern Metropolis and Lantau artificial islands mega projects
Hong Kong Investment Corporation to consider creating cross-border fund with Guangdong provincial government to invest in Greater Bay Area projects

Reporting by Jeffie Lam, Kahon Chan, Denise Tsang, Harvey Kong, Lilian Cheng, Emily Hung, Elizabeth Cheung, Jess Ma and Willa Wu