CK Property first to offer 100pc stamp duty subsidy in bid to sell luxury villas in Yuen Long

Cheung Kong Property Holding has become the first Hong Kong developer to offer a 100 per cent stamp duty subsidy for homebuyers, underscoring its eagerness to generate sales of a new luxury project amid the government’s moves to curb property investment demand.

CK Property, the city’s second largest developer in terms of market capitalisation, said buyers of its Crescendo villa development in Yuen Long would receive the equivalent of 30 per cent of the flat’s value to compensate for higher stamp duties.

“It is an unprecedented move to waive stamp duty for buyers,” said executive director Justin Chiu Kwok-hung. “We aim to help buyers purchase their own homes instead of diluting the impact of government curbs to cool the market.”

The government raised stamp duty to 15 per cent for all residential transactions for second-home purchasers, effective from November 5.

On top of the 15 per cent ad valorem stamp duty, non-permanent residents are also required to pay a 15 per cent buyer’s stamp duty. The two taxes raise the cost for overseas buyers by 30 per cent in total.

On Wednesday, CK Property said the first 30 villas at Crescendo, ranging from 1,476 sq ft to 1,950 sq ft in size, will be offered at between HK$22.08 million to HK$37.63 million, or HK$14,964 to HK $19,300 per square foot.