Property owners face having rebates slashed if Hong Kong government goes ahead with new proposal that could save HK$3 billion
- Document from Financial Services and the Treasury Bureau says plan will stop developers claiming for unsold units
- Owners of multiple properties will now have to pick one from which to benefit
Private developers and wealthy owners of multiple properties are likely to collect less in rebates if the Hong Kong government goes ahead with a proposal to grant rates concessions to only one property per owner.
Owners will then have to choose only one property to benefit from any concession offered.
The proposal, to be discussed at the Legislative Council panel on financial affairs next Tuesday, follows a half-year review prompted by calls for a fairer way of providing these rebates.
The government has offered one-off rates rebates in recent years as a relief measure to ease the burden of property owners.
For the 2018-19 financial year the concession is subject to a ceiling of HK$2,500 per quarter for each rateable property. It is estimated it will cost the government about HK$17.8 billion.