https://www.scmp.com/rss/280361/feed To rein in the city's runaway housing prices, Hong Kong's Financial Secretary John Tsang Chun-wah announced an additional 15 per cent stamp duty on non-permanent-resident and corporate buyers starting from October 27, 2012. The move prompted speculation over the effectiveness of taxation on the real estate market and criticisms that Hong Kong was turning away from its roots as a free market economy in favour of a more protectionist market environment. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Peggy Ye Peggy Ye The increase in stamp duty on ultra-luxury homes above HK$100 million (US$12.8 million) is unlikely to change buying behaviour, analysts said, as the structural forces underpinning demand from mainland Chinese buyers could outweigh the impact of the rise in transaction costs. The Hong Kong government, in the annual budget on Wednesday, increased the tax rate on residential transactions above HK$100 million to 6.5 per cent from 4.25 per cent amid a surge in demand for high-end property from... https://www.scmp.com/business/article/3344762/hong-kongs-65-stamp-duty-will-not-stop-luxury-homebuyers-mainland-china-analysts?utm_source=rss_feed https://www.scmp.com/business/article/3344762/hong-kongs-65-stamp-duty-will-not-stop-luxury-homebuyers-mainland-china-analysts?utm_source=rss_feed Thu, 26 Feb 2026 23:30:07 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong’s lived-in home prices ended a three-year downturn with a 3.25 per cent increase in 2025, as the property market gallops into the new year buoyed by expectations of more transactions and further price gains, according to analysts. Rents climbed to a record high in December, boosting annual gains to 4.26 per cent in 2025 and marking a third consecutive year of increase, according to the Rating and Valuation Department on Wednesday. “Hong Kong’s residential market strengthened notably... https://www.scmp.com/business/article/3341501/hong-kong-home-prices-snap-3-year-downturn-rents-surge-new-high?utm_source=rss_feed https://www.scmp.com/business/article/3341501/hong-kong-home-prices-snap-3-year-downturn-rents-surge-new-high?utm_source=rss_feed Wed, 28 Jan 2026 05:17:37 +0000 Cheryl Arcibal,Peggy Ye Cheryl Arcibal,Peggy Ye Hong Kong home prices are likely to see up to a 5 per cent boost in 2026 on the back of mainland Chinese buyers, interest rate cuts and fewer unsold new flats, according to analysts. In addition, the stamp duty adjustment and Hong Kong’s resurgent stock market were also expected to help sustain stability in the city’s residential property market, according to JLL and Cushman & Wakefield. Those factors, JLL analysts said, were projected to help trim Hong Kong developers’ swollen inventory, which... https://www.scmp.com/business/article/3335944/hong-kong-home-prices-rise-2026-back-mainland-chinese-buyers-rate-cut?utm_source=rss_feed https://www.scmp.com/business/article/3335944/hong-kong-home-prices-rise-2026-back-mainland-chinese-buyers-rate-cut?utm_source=rss_feed Wed, 10 Dec 2025 13:15:30 +0000 Yulu Ao Yulu Ao Hong Kong’s residential property market recovery is gaining traction, with transactions of lower-priced homes rising sharply on the back of improved sentiment and recent government tax relief measures. From March to May, 3,780 residential properties priced between HK$3 million (US$382,000) and HK$4 million were sold, a 73 per cent increase from the same period last year, according to data disclosed by the government on Wednesday. The surge in activity came after the government adjusted stamp... https://www.scmp.com/business/china-business/article/3317590/hong-kong-home-sales-surge-among-lower-priced-units-thanks-stamp-duty-change?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3317590/hong-kong-home-sales-surge-among-lower-priced-units-thanks-stamp-duty-change?utm_source=rss_feed Wed, 09 Jul 2025 13:48:27 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong’s lived-in home prices posted a small gain for the second straight month in May, according to official data, fortifying hopes of a sustained recovery in the city’s property market. An official index measuring secondary home prices inched up by 0.03 per cent in May from a month earlier, the Rating and Valuation Department said on Thursday. In April, the gauge rose 0.35 per cent from March. In the first five months of the year, second-hand home prices declined by 0.9 per cent. They are... https://www.scmp.com/business/article/3315893/hong-kong-home-prices-post-tiny-gain-april-bolstering-case-end-long-slump?utm_source=rss_feed https://www.scmp.com/business/article/3315893/hong-kong-home-prices-post-tiny-gain-april-bolstering-case-end-long-slump?utm_source=rss_feed Thu, 26 Jun 2025 05:44:30 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong’s property sales increased to the highest level in four months in March, according to the latest official data as a resurgent stock market and a lower tax scheme for homes spurred sentiment. Sales of new and lived-in homes, shops, office units, car parking spaces and industrial properties jumped 55 per cent in March from a month earlier to 6,661 lots, while the transaction value soared 61 per cent to around HK$45.65 billion (US$5.9 billion), according to Land Registry data released on... https://www.scmp.com/business/article/3304795/hong-kongs-march-property-sales-rise-4-month-high-sign-improving-sentiment?utm_source=rss_feed https://www.scmp.com/business/article/3304795/hong-kongs-march-property-sales-rise-4-month-high-sign-improving-sentiment?utm_source=rss_feed Wed, 02 Apr 2025 00:30:07 +0000 Cheryl Arcibal Cheryl Arcibal Approved mortgage loans in Hong Kong rose to a nine-month high in February as buyers of new flats sought additional financing, suggesting an improvement in demand as developers continued to launch new projects at attractive prices, analysts said. Financial institutions approved mortgage loan applications worth HK$26.1 billion (US$3.3 billion), the highest since HK$31.6 billion in May, according to data released by the Hong Kong Monetary Authority (HKMA) on Monday. February was also the fourth... https://www.scmp.com/business/article/3304617/hong-kong-mortgage-loans-surge-9-month-high-new-homebuyers-seek-more-financing?utm_source=rss_feed https://www.scmp.com/business/article/3304617/hong-kong-mortgage-loans-surge-9-month-high-new-homebuyers-seek-more-financing?utm_source=rss_feed Mon, 31 Mar 2025 12:59:40 +0000 Cheryl Arcibal Cheryl Arcibal Home prices in Hong Kong’s secondary property market dropped for a third straight month in February to near the lowest in a decade amid concerns about slower cuts in interest rates and heightened tensions in global trade stoked by extra US tariffs on foreign goods. Lived-in home prices retreated 0.9 per cent in February from the preceding month to the lowest since July 2016, according to an index compiled by the Rating and Valuation Department. Prices have declined every month since January 2022... https://www.scmp.com/business/article/3304094/hong-kongs-home-prices-fall-towards-decade-low-interest-rate-tariff-headwinds?utm_source=rss_feed https://www.scmp.com/business/article/3304094/hong-kongs-home-prices-fall-towards-decade-low-interest-rate-tariff-headwinds?utm_source=rss_feed Thu, 27 Mar 2025 07:51:21 +0000 Salina Li Salina Li Hong Kong’s residential property market is showing signs of improvement following the government’s decision to lower the stamp duty for small flats, but market experts believe a buoyant stock market has played a greater role in boosting market confidence and that interest rate trends remain crucial. The Hong Kong government reduced the stamp duty on the sale of flats worth up to HK$4 million (US$515,000) to just HK$100, down from HK$60,000, Financial Secretary Paul Chan Mo-po announced in his... https://www.scmp.com/business/article/3303455/hong-kong-property-demand-aided-stamp-duty-cuts-stocks-and-interest-rates-are-key?utm_source=rss_feed https://www.scmp.com/business/article/3303455/hong-kong-property-demand-aided-stamp-duty-cuts-stocks-and-interest-rates-are-key?utm_source=rss_feed Sun, 23 Mar 2025 03:30:11 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong’s homebuyers are likely to snap up 2,500 new flats in March, on track to deliver the best sales month in a year to developers, as a stock market rally and a cut in stamp duty spurred transactions. Kerry Properties on Thursday put 133 units at the Hava residential project in Yuen Long for sale, following two sell-out weekends for 371 flats.. The latest batch is priced between HK$3.28 million (US$422,000) and HK$6.42 million, with discounts of as much as 18 per cent. As of 9.20pm on... https://www.scmp.com/business/article/3301334/hong-kong-home-sales-poised-best-month-year-hava-yoho-west-parkside-sell-out?utm_source=rss_feed https://www.scmp.com/business/article/3301334/hong-kong-home-sales-poised-best-month-year-hava-yoho-west-parkside-sell-out?utm_source=rss_feed Thu, 06 Mar 2025 23:30:08 +0000 Enoch Yiu Enoch Yiu Hong Kong on Saturday saw its best weekend for new property sales in four months, with a total of 352 units sold across three projects, after the government lowered the stamp duty for small flats following the budget address on Wednesday. Among the first-round offerings, Henderson Land Development’s Eight Southpark project in Kowloon City sold out all 181 available units by 6pm, while Wang On Properties sold 55 of the 60 units on offer at the Coasto project in Ap Lei Chau, according to property... https://www.scmp.com/business/article/3300666/hong-kongs-weekend-property-sales-reach-4-month-high-after-stamp-duty-cuts?utm_source=rss_feed https://www.scmp.com/business/article/3300666/hong-kongs-weekend-property-sales-reach-4-month-high-after-stamp-duty-cuts?utm_source=rss_feed Sat, 01 Mar 2025 07:40:36 +0000 Salina Li Salina Li Hong Kong’s property transactions are expected to gather pace after hitting a three-year high in 2024 on the back of improving sentiment because of factors like higher loan values, interest-rate cuts and demand from the investment-migration scheme. A total of 67,662 deals for new and lived-in homes, offices, shops, industrial units and car parking spaces were completed as of December 30, up 16 per cent from 58,035 transactions in 2023 and the highest since 96,133 in 2021, according to data... https://www.scmp.com/business/article/3293029/hong-kongs-property-market-maintain-momentum-after-deals-hit-3-year-high?utm_source=rss_feed https://www.scmp.com/business/article/3293029/hong-kongs-property-market-maintain-momentum-after-deals-hit-3-year-high?utm_source=rss_feed Wed, 01 Jan 2025 08:30:18 +0000 Salina Li Salina Li Hong Kong’s diverging housing rents and home prices are turning more renters into buyers, especially new arrivals under the city’s various talent schemes, offering a potential salve to the real estate slump. At the same time, attractive rental returns, lower interest rates and the end of duties aimed at non-residents are drawing more buyers from mainland China into the Hong Kong market, property agents said. Monica Li, a 36-year-old full-time mother from Beijing, has been busy searching for a... https://www.scmp.com/business/article/3285010/mainland-chinese-buyers-rush-hong-kong-property-amid-low-prices-and-rates-high-rents?utm_source=rss_feed https://www.scmp.com/business/article/3285010/mainland-chinese-buyers-rush-hong-kong-property-amid-low-prices-and-rates-high-rents?utm_source=rss_feed Mon, 04 Nov 2024 00:30:12 +0000 Hong Kong’s property market has broadly been in a holding pattern in the couple of months since the Daily Pulse last looked in on it, though some market segments are more active than others. Prices have continued to fall, as both property developers and buyers watch for the US Federal Reserve to start cutting its benchmark interest rate target. Recently, the Fed has given strong signals that it will start to cut rates at the Federal Open Market Committee’s next meeting this month. The Hong Kong... https://www.scmp.com/plus/article/3276809/peak-distress-hong-kong-property-market?utm_source=rss_feed https://www.scmp.com/plus/article/3276809/peak-distress-hong-kong-property-market?utm_source=rss_feed Mon, 02 Sep 2024 09:01:33 +0000 Hong Kong’s residential property market seems to have burned through a burst of activity that followed the removal of cooling measures in late February, as high inventory levels and interest rates conspire to return short-term buying sentiment to a more normal level. “In the aftermath of the government’s decision to dial back cooling measures, initial market enthusiasm has shown signs of dampening,” JLL said in a report on Thursday. While market participants had projected a robust increase in... https://www.scmp.com/business/article/3265044/hong-kong-home-sales-fall-earth-following-end-curbs-flight-dragged-gravity-high-rates-inventory?utm_source=rss_feed https://www.scmp.com/business/article/3265044/hong-kong-home-sales-fall-earth-following-end-curbs-flight-dragged-gravity-high-rates-inventory?utm_source=rss_feed Sun, 02 Jun 2024 04:00:19 +0000 More than half of middle-income households in Hong Kong believe house prices are poised to rally now that all of the restrictions in the market have been scrapped, according to a survey by Citibank. Of all the cooling measures removed by the government at the end of February, most respondents considered the dropping of stamp duties the most important. Citibank Hong Kong conducted the survey in April to gauge attitudes to residential property ownership in response to the withdrawal of curbs. It... https://www.scmp.com/business/article/3261582/hong-kong-property-most-middle-income-households-see-prices-rising-now-restrictions-are-past?utm_source=rss_feed https://www.scmp.com/business/article/3261582/hong-kong-property-most-middle-income-households-see-prices-rising-now-restrictions-are-past?utm_source=rss_feed Mon, 06 May 2024 09:15:13 +0000 On a Thursday afternoon in mid-March eager homeseekers crammed in to an office in Hong Kong’s Central district for an auction of foreclosed properties. Some of the houses found buyers before the auction officially got under way, such was the fervour. Among the throng was Mable Mak, who snapped up three properties, in Tuen Mun, Jordan and Discovery Bay, for HK$13 million in total. She was motivated by the government’s decision to scrap all its decade-old property market restrictions with... https://www.scmp.com/business/markets/article/3257979/new-normal-are-wild-days-hong-kongs-housing-market-thing-past?utm_source=rss_feed https://www.scmp.com/business/markets/article/3257979/new-normal-are-wild-days-hong-kongs-housing-market-thing-past?utm_source=rss_feed Sat, 06 Apr 2024 02:00:18 +0000 Hong Kong property sales rose to a 10-month high in March, surpassing 5,000 deals a month after the government lifted all property cooling measures, data from the government shows. Sales of new and second-hand homes, parking spots, shops, offices and industrial units jumped by more than half to 5,013 deals last month from 3,189 transactions in February, the highest tally since the 5,284 property deals recorded in May, according to Land Registry data. From a year ago, however, the number of deals... https://www.scmp.com/business/article/3257623/hong-kong-property-agencies-centaline-midland-forecast-property-sales-hitting-10-month-high-march?utm_source=rss_feed https://www.scmp.com/business/article/3257623/hong-kong-property-agencies-centaline-midland-forecast-property-sales-hitting-10-month-high-march?utm_source=rss_feed Wed, 03 Apr 2024 00:30:20 +0000 Hong Kong home prices in February fell for the 10th month to the lowest level in seven and a half years, after a sharper than expected month-on-month slump. A widely watched gauge tracking lived-in home prices slipped 1.7 per cent to 302.5 in February, the lowest since 296.2 in September 2016, according to data from the Rating and Valuation Department. The index eased 1.2 per cent in January. Home prices have lost a cumulative 13.7 per cent since April 2023. The price decline last month preceded... https://www.scmp.com/business/article/3256730/10-months-and-counting-hong-kong-home-prices-worsen-february-lowest-level-september-2016?utm_source=rss_feed https://www.scmp.com/business/article/3256730/10-months-and-counting-hong-kong-home-prices-worsen-february-lowest-level-september-2016?utm_source=rss_feed Tue, 26 Mar 2024 05:00:47 +0000 Mainland Chinese buyers are aggressively snapping up new luxury homes worth HK$30 million (US$3.8 million) or more since the removal of all of Hong Kong’s property curbs last month, JLL said. These buyers have accounted for 70 per cent of the primary sales of luxury residential properties this month, rebounding from less than 50 per cent before the removal of the curbs, the real estate and investment management services firm said in a monthly report on Monday. “Mainland Chinese buyers have... https://www.scmp.com/business/china-business/article/3256666/mainland-chinese-buyers-have-benefited-most-removal-hong-kongs-property-curbs-have-stepped-luxury?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3256666/mainland-chinese-buyers-have-benefited-most-removal-hong-kongs-property-curbs-have-stepped-luxury?utm_source=rss_feed Mon, 25 Mar 2024 11:51:36 +0000 Henderson Land Development, one of Hong Kong’s biggest developers, said it will launch some 7,100 new residential units this year, 7 per cent fewer than last year, after reporting a flat annual profit. The developer, founded by Hong Kong’s second-wealthiest man, Lee Shau-kee, is confident the city’s property market is on the mend following the removal of all property cooling measures last month, according to a filing to the Hong Kong stock exchange on Thursday. Underlying profit attributable to... https://www.scmp.com/business/article/3256264/hong-kong-property-henderson-launch-7100-new-homes-year-saying-market-has-bottomed-out-and?utm_source=rss_feed https://www.scmp.com/business/article/3256264/hong-kong-property-henderson-launch-7100-new-homes-year-saying-market-has-bottomed-out-and?utm_source=rss_feed Thu, 21 Mar 2024 13:38:25 +0000 The number of Hong Kong home sales has doubled in recent weeks after authorities scrapped decade-old property curbs last month but prices have yet to rise, an industry leader has said. Simon Siu Chak-yu, chairman of the Estate Agents Authority, said on Sunday a decision to axe extra stamp duties on home transactions in last month’s budget was “a shot in the arm” for the city’s struggling property market. “The property market has returned to normal, largely due to the withdrawal of the... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3255700/hong-kong-home-sales-jump-prices-remain-static-after-property-curbs-ditched-last-month-real-estate?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3255700/hong-kong-home-sales-jump-prices-remain-static-after-property-curbs-ditched-last-month-real-estate?utm_source=rss_feed Sun, 17 Mar 2024 10:00:46 +0000 Wharf (Holdings) said the slump in Hong Kong and mainland China’s property markets is likely to take more time for it to overcome, after the developer suffered another year of slower sales and earnings in 2023, while letting its land bank deplete to conserve cash. Total property sales fell by 44 per cent last year, while underlying net profit before provisions slipped by 9 per cent, the developer said in a stock exchange filing in Hong Kong on Tuesday. It sold two ultra-luxury houses in Hong... https://www.scmp.com/business/article/3255087/wharf-sees-more-struggles-ahead-hong-kong-mainland-china-property-markets-after-reporting-weak-sales?utm_source=rss_feed https://www.scmp.com/business/article/3255087/wharf-sees-more-struggles-ahead-hong-kong-mainland-china-property-markets-after-reporting-weak-sales?utm_source=rss_feed Tue, 12 Mar 2024 08:34:20 +0000 Hong Kong property prices are among the highest in the world, and this remains the case despite a decade of highly successful controls that included capping loans to deter speculators and levying a hefty stamp duty on second homes, and an even bigger duty for non-residents. So when the government decided to abandon those controls in February it was no surprise there were concerns about whether, or perhaps when, speculation would return to the market. The government had strong reasons for ending... https://www.scmp.com/comment/opinion/article/3255007/end-curbs-must-not-lead-return-hong-kong-property-speculation?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3255007/end-curbs-must-not-lead-return-hong-kong-property-speculation?utm_source=rss_feed Mon, 11 Mar 2024 22:15:11 +0000 Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@scmp.com or filling in this Google form. Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification. How the sudden removal of property cooling measures will benefit Hong Kong residents is surely a question that must be asked. A flat is first and foremost a home, not an investment vehicle, and as... https://www.scmp.com/comment/letters/article/3254620/hong-kongs-removal-property-cooling-measures-will-widen-wealth-gap?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3254620/hong-kongs-removal-property-cooling-measures-will-widen-wealth-gap?utm_source=rss_feed Mon, 11 Mar 2024 03:30:09 +0000 Sun Hung Kai Properties (SHKP), Hong Kong’s largest developer by market capitalisation, is being tipped by analysts to emerge as the “prime beneficiary” of the city’s removal of all property cooling measures. With seven projects comprising more than 8,100 units expected to launch this year, SHKP is likely to benefit from a revitalised property market. “SHKP has the most saleable resources among its peers of more than 6,000 units,” said Raymond Cheng, managing director and head of China and Hong... https://www.scmp.com/business/article/3254296/sun-hung-kai-properties-pole-position-benefit-hong-kongs-property-easing-measures-analysts-say?utm_source=rss_feed https://www.scmp.com/business/article/3254296/sun-hung-kai-properties-pole-position-benefit-hong-kongs-property-easing-measures-analysts-say?utm_source=rss_feed Wed, 06 Mar 2024 00:30:13 +0000 The removal of property curbs in the Hong Kong government’s budget announcement last week has generated a very encouraging response in the housing market. Since the announcement, there has been a sharp rebound in the volume of home sales, with agents reporting more than 580 property transactions in the primary market between Sunday and the announcement of curb relaxations last Wednesday. It is a matter of debate whether this demand will be sustained but one thing is certain – homebuyers have an... https://www.scmp.com/business/companies/article/3254265/hong-kongs-removal-property-curbs-unleashing-buying-frenzy-here-are-five-residential-projects-keep?utm_source=rss_feed https://www.scmp.com/business/companies/article/3254265/hong-kongs-removal-property-curbs-unleashing-buying-frenzy-here-are-five-residential-projects-keep?utm_source=rss_feed Tue, 05 Mar 2024 23:30:10 +0000 The removal of all property sector cooling curbs in Hong Kong has sparked immediate interest among mainland Chinese buyers, who still perceive real estate in the city as a lucrative investment option that also offers capital appreciation and diversified offshore assets, industry insiders said. There has been a sudden rebound in the volume of home sales in general, with a total of more than 580 property transactions in the primary market between Sunday and the announcement of curb relaxations... https://www.scmp.com/business/china-business/article/3254150/mainland-chinese-buyers-thronging-hong-kong-property-sales-search-returns-after-removal-curbs?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3254150/mainland-chinese-buyers-thronging-hong-kong-property-sales-search-returns-after-removal-curbs?utm_source=rss_feed Mon, 04 Mar 2024 23:30:13 +0000 Hong Kong’s finance chief on Wednesday scrapped all cooling measures restricting property transactions as he unveiled a budget aimed at restoring the city’s flagging fiscal health with a raft of belt-tightening policies and launched a hunt for new revenue streams. Announcing the axing of the decade-old property measures, Financial Secretary Paul Chan Mo-po surprised the market by going for a complete removal with immediate effect, one of several unexpected moves in his spending... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253575/hong-kong-finance-chief-offers-budget-restore-citys-fiscal-health-look-new-revenues-and-growth-while?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253575/hong-kong-finance-chief-offers-budget-restore-citys-fiscal-health-look-new-revenues-and-growth-while?utm_source=rss_feed Wed, 28 Feb 2024 16:03:51 +0000 All restrictions on Hong Kong property sales were scrapped from Wednesday after a chorus of calls from the real estate sector and a nine months in a row fall in home prices and authorities reassured the public the move was unlikely to heat up the market and drive speculation. The removal of the decade-old property cooling measures included the Buyer’s Stamp Duty designed to target non-permanent residents, the New Residential Stamp Duty for second-time purchasers, as well as a Special Stamp Duty... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253569/hong-kong-government-says-ditching-restrictions-property-sales-will-not-lead-overheated-market-or?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253569/hong-kong-government-says-ditching-restrictions-property-sales-will-not-lead-overheated-market-or?utm_source=rss_feed Wed, 28 Feb 2024 14:23:07 +0000 The wealthy and travellers were among those targeted by new measures the Hong Kong government announced to boost its revenue and tackle a growing deficit, with the additional taxes and charges expected to generate an additional HK$4.39 billion (US$561 million) a year. Contrary to earlier hints, Financial Secretary Paul Chan Mo-po on Wednesday avoided raising public service fees that would have affected most residents in his budget plan for the new financial year. But economists remained... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253559/hong-kong-budget-2024-25-wealthy-and-travellers-among-those-targeted-new-revenue-boosting-measures?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253559/hong-kong-budget-2024-25-wealthy-and-travellers-among-those-targeted-new-revenue-boosting-measures?utm_source=rss_feed Wed, 28 Feb 2024 12:54:54 +0000 Hong Kong’s finance chief has unveiled a raft of measures touching on different economic concerns in his eighth budget blueprint. Top of the list was the bold move of scrapping all cooling measures in the property market, and the issuing of large quantities of bonds as a way to finance infrastructure development. Sharing his plan at the Legislative Council on Wednesday, Paul Chan Mo-po also sought to strengthen the city’s coffers by slashing the scale of one-off relief measures as well as... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253483/12-things-know-about-hong-kongs-budget-and-how-it-will-affect-you?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253483/12-things-know-about-hong-kongs-budget-and-how-it-will-affect-you?utm_source=rss_feed Wed, 28 Feb 2024 07:10:38 +0000 This live blog has been made freely available as a public service to our readers. Please consider supporting SCMP’s journalism by subscribing in our spring flash sale. Hong Kong finance chief Paul Chan Mo-po on Wednesday said the city would remove all restrictions on property transactions as part of his solutions for the sluggish economy and shrinking fiscal reserves in what some analysts called the most difficult budget blueprint ever. Themed “Advance with Confidence. Seize Opportunities.... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253430/hong-kong-budget-2024-25-finance-chief-paul-chan-deliver-blueprint-some-experts-are-calling-most?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253430/hong-kong-budget-2024-25-finance-chief-paul-chan-deliver-blueprint-some-experts-are-calling-most?utm_source=rss_feed Wed, 28 Feb 2024 02:50:13 +0000 Secondary market transactions in Hong Kong flats jumped last week, as buyers took advantage of seven-year low prices, amid expectations the government may unveil a possible further relaxation of property cooling measures at Wednesday’s government budget. Deal volumes in 35 major housing estates rose 72.4 per cent week-on-week to 50 transactions, according to property brokerage Midland Realty. It was a five-week high, fuelled by transactions in Kowloon and Hong Kong Island, which recorded... https://www.scmp.com/business/article/3253401/hong-kong-property-deals-pick-ahead-government-budget-buyers-anticipate-further-relaxation-curbs?utm_source=rss_feed https://www.scmp.com/business/article/3253401/hong-kong-property-deals-pick-ahead-government-budget-buyers-anticipate-further-relaxation-curbs?utm_source=rss_feed Tue, 27 Feb 2024 10:39:13 +0000 Hong Kong’s finance chief Paul Chan Mo-po is set to remove some cooling measures to revive the city’s ailing property market when he unveils on Wednesday a budget seen as his most challenging spending blueprint yet amid economic uncertainty and a record deficit. Another big ticket item on his agenda will be to redouble efforts to attract more visitors by allocating HK$971 million (US$124 million) to the Tourism Board over the coming three financial years. The largest chunk of that figure, some... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253374/hong-kong-budget-2024-25-will-city-get-back-tourism-spark-fireworks-drone-shows-experts-question?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253374/hong-kong-budget-2024-25-will-city-get-back-tourism-spark-fireworks-drone-shows-experts-question?utm_source=rss_feed Tue, 27 Feb 2024 08:20:42 +0000 Hong Kong’s lived-in home prices fell for the ninth straight month in January, dropping 1.57 per cent and dragging the city’s official home price index down to a level last seen more than seven years ago, the latest government data showed. The sustained decline strengthen the case for the withdrawal of property cooling measures, on the eve of the government’s budget announcement, developers and industry players said. The government and the monetary authority have introduced a variety of duties... https://www.scmp.com/business/article/3253370/hong-kong-home-prices-fall-ninth-straight-month-intensifying-calls-lifting-property-curbs?utm_source=rss_feed https://www.scmp.com/business/article/3253370/hong-kong-home-prices-fall-ninth-straight-month-intensifying-calls-lifting-property-curbs?utm_source=rss_feed Tue, 27 Feb 2024 08:01:39 +0000 The worst is likely over for the luxury property segment globally, with prime home prices set to rise more than previously anticipated, according to a report by Knight Frank. However, the fortunes of the high-end segment in Singapore and Hong Kong are likely to move in opposite directions due to the divergent property policies in the rival Asian hubs. “Our overall prime price forecast for 2024 has grown from 2.1 per cent to 2.5 per cent since our mid-2023 assessment,” said Kate Everett-Allen,... https://www.scmp.com/business/article/3244691/hong-kong-singapore-prime-property-see-contrasting-fortunes-luxury-homes-globally-set-trend-higher?utm_source=rss_feed https://www.scmp.com/business/article/3244691/hong-kong-singapore-prime-property-see-contrasting-fortunes-luxury-homes-globally-set-trend-higher?utm_source=rss_feed Mon, 11 Dec 2023 11:30:18 +0000 Home sales in Hong Kong rose by 22 per cent in November as buyers took advantage of a cut in stamp duties and other property-easing measures announced by Chief Executive John Lee Ka-chiu in his policy address. A total of 2,767 new and lived-in homes were transacted last month, versus 2,263 units in October, according to Midland Realty, one of the city’s largest property agencies. New home sales surged 63.3 per cent month on month to 565 units, while second-hand homes recorded a near 15 per cent... https://www.scmp.com/business/article/3243512/hong-kong-home-sales-jump-22-cent-november-impact-property-easing-measures-filters-through?utm_source=rss_feed https://www.scmp.com/business/article/3243512/hong-kong-home-sales-jump-22-cent-november-impact-property-easing-measures-filters-through?utm_source=rss_feed Fri, 01 Dec 2023 08:28:49 +0000 Hong Kong’s property market needs time to adjust to a series of measures introduced by the government in October, the city’s leader has said after months of slow flat sales and two large offerings near the airport failed to attract developers’ interest. Chief Executive John Lee Ka-chiu on Tuesday also said property market woes were not unique to Hong Kong and posed challenges to other economies due to high interest rates which might persist for some time. “Obviously, the market and buyers will... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3241455/hong-kongs-property-market-needs-time-adjust-new-cooling-measures-introduced-policy-address-john-lee?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3241455/hong-kongs-property-market-needs-time-adjust-new-cooling-measures-introduced-policy-address-john-lee?utm_source=rss_feed Tue, 14 Nov 2023 05:37:37 +0000 Developers and market insiders wanted the government to rescind the decade-old stamp duties to lift property prices and boost sales. As announced in the latest policy address, the government was willing to meet them halfway. That is a sensible compromise. Local property prices have fallen by nearly 15 per cent from a record high in September 2021 and may soon bottom out. A soft landing is in sight. But the government should not pursue an overly stimulative policy to prop up the economy for... https://www.scmp.com/comment/opinion/article/3239551/sensible-compromise-stamp-duties-right-path-hong-kongs-property-market?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3239551/sensible-compromise-stamp-duties-right-path-hong-kongs-property-market?utm_source=rss_feed Sun, 29 Oct 2023 00:00:12 +0000 Hong Kong’s leader has announced a comprehensive strategy to rescue the city’s sluggish economy through a slew of measures such as easing property taxes for the first time in over a decade and attracting talent with visa and home-buying incentives while also promising family-friendly initiatives to reverse the falling birth rate. In a lengthy and wide-ranging policy address on Wednesday, Chief Executive John Lee Ka-chiu also put the focus on greater integration with mainland China, rolling out... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3239188/john-lee-policy-address-2023-hong-kong-leader-unveils-comprehensive-strategy-rescue-citys-sluggish?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3239188/john-lee-policy-address-2023-hong-kong-leader-unveils-comprehensive-strategy-rescue-citys-sluggish?utm_source=rss_feed Wed, 25 Oct 2023 15:13:03 +0000 Hong Kong’s leader has unveiled a raft of measures that touch on a wide spectrum of political, social and economic concerns as part of his second policy address, ranging from easing property curbs and offering handouts to promoting childbirth and enacting new national security legislation. Chief Executive John Lee Ka-chiu shared his agenda at the Legislative Council on Wednesday and outlined a more intensive global talent trawl and plans to further seize opportunities in the Greater Bay Area as... https://www.scmp.com/news/hong-kong/politics/article/3239139/6-key-takeaways-john-lees-policy-address-boosting-hong-kong-property-market-and-birth-rate-oral?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3239139/6-key-takeaways-john-lees-policy-address-boosting-hong-kong-property-market-and-birth-rate-oral?utm_source=rss_feed Wed, 25 Oct 2023 09:12:35 +0000 Chief Executive John Lee Ka-chiu is expected to unveil measures to revive the flagging property market in his second policy address on October 25. In the second of a three-part series, Edith Lin looks at how the government can walk a fine line between stimulating the market, and therefore the economy, without reducing affordability for first-time homebuyers. Serial property investor Joseph Ng Goon-lau flipped numerous private flats over four decades until the Hong Kong government raised the tax... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3238518/hong-kong-policy-address-2023-property-market-may-roar-again-if-stamp-duty-eases-will-first-time?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3238518/hong-kong-policy-address-2023-property-market-may-roar-again-if-stamp-duty-eases-will-first-time?utm_source=rss_feed Fri, 20 Oct 2023 00:30:07 +0000 Hong Kong’s leader is expected to announce relaxed stamp duties for certain home transactions but stop short of scrapping all such taxes, unveil plans to boost the birth rate, and reveal measures to improve the city’s innovation hub status in his policy address, the Post has learned. A source familiar with the decisions on Thursday said Chief Executive John Lee Ka-chiu would announce measures to revive the city’s flagging property market in next week’s speech, which could include scrapping or... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3238475/hong-kong-policy-address-2023-john-lee-expected-adjust-stamp-duty-some-home-transactions-unveil?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3238475/hong-kong-policy-address-2023-john-lee-expected-adjust-stamp-duty-some-home-transactions-unveil?utm_source=rss_feed Thu, 19 Oct 2023 06:42:21 +0000 New World Development CEO Adrian Cheng Chi-kong on Friday joined a chorus of property-sector voices calling on the government to ease cooling measures it imposed on home purchases more than a decade ago, as the company announced a 28 per cent decline in profit attributable to shareholders for the year ended June 30. Profit attributable to shareholders came in at HK$901 million (US$115 million) compared with HK$1.25 billion a year earlier, while net profit declined 5 per cent to HK$4.08 billion,... https://www.scmp.com/business/article/3236304/new-world-boss-adrian-cheng-joins-chorus-asking-hong-kong-officials-aid-stagnant-sector-easing?utm_source=rss_feed https://www.scmp.com/business/article/3236304/new-world-boss-adrian-cheng-joins-chorus-asking-hong-kong-officials-aid-stagnant-sector-easing?utm_source=rss_feed Fri, 29 Sep 2023 10:36:43 +0000 Any government rollback of property cooling measures is likely to boost home sales in Hong Kong, but even completely scrapping the measures would not be enough to revive a market that is grappling with high interest rates and a sluggish economy, according to analysts. An improved economy, a better jobs outlook and a turnaround in stock market performance are also needed to boost homebuying confidence and sentiment in the city, they said. The government gave its strongest hint yet that it could... https://www.scmp.com/business/article/3236170/scrapping-hong-kong-property-curbs-would-be-welcomed-not-sufficient-fix-what-ails-flagging-sector?utm_source=rss_feed https://www.scmp.com/business/article/3236170/scrapping-hong-kong-property-curbs-would-be-welcomed-not-sufficient-fix-what-ails-flagging-sector?utm_source=rss_feed Thu, 28 Sep 2023 12:00:22 +0000 Hong Kong’s largest political party is urging the government to cut by more than half the stamp duty that residents must pay when buying an additional home, as a way to boost the sluggish property market. The Democratic Alliance for the Betterment and Progress of Hong Kong (DAB) also proposed a series of measures to tackle the city’s population crisis on Thursday, such as providing a one-off HK$10,000 (US$1,275) subsidy for couples with newborns and another HK$20,000 for pregnant women. The... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3233736/hong-kong-should-cut-stamp-duty-more-half-homeowners-who-are-not-first-time-buyers-citys-largest?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3233736/hong-kong-should-cut-stamp-duty-more-half-homeowners-who-are-not-first-time-buyers-citys-largest?utm_source=rss_feed Thu, 07 Sep 2023 09:20:30 +0000 Hong Kong has not ruled out lowering the stamp duty on securities trading to boost the stock market, the city’s finance chief has said just a day after warning that such a move could backfire. Financial Secretary Paul Chan Mo-po on Monday also stressed that “multiple efforts” on aspects such as the listing and trading of stocks were needed to improve the competitiveness of the city’s bourse, instead of solely relying on a stamp duty cut. “That is why we set up a task force to mainly study how to... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3233378/hong-kong-has-not-ruled-out-lowering-stamp-duty-securities-trading-finance-chief-says-after-earlier?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3233378/hong-kong-has-not-ruled-out-lowering-stamp-duty-securities-trading-finance-chief-says-after-earlier?utm_source=rss_feed Mon, 04 Sep 2023 12:02:44 +0000 Financial Secretary Paul Chan Mo-po has set up a 13-member task force to undertake a comprehensive review of the local stock market. Rightly, it has been tasked to look beyond the narrow issue of enhancing liquidity, but to take a holistic and comprehensive examination in scrutinising a broad range of issues including stock-listing rules, market structure and trading practices. This is a more farsighted mandate than merely, for example, reducing stamp duty by following the mainland’s... https://www.scmp.com/comment/opinion/article/3233174/sluggish-hong-kong-stock-market-cries-out-task-force-holistic-approach?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3233174/sluggish-hong-kong-stock-market-cries-out-task-force-holistic-approach?utm_source=rss_feed Fri, 01 Sep 2023 22:30:16 +0000 When it comes to promoting home ownership and avoiding overheating the real estate market, it is a delicate balancing act. As both are policy priorities, finance chief Paul Chan Mo-po has his work cut out. Chan says he will consider letting first-time homebuyers borrow more money for a mortgage, but will not be lifting property cooling measures, including lowering stamp duties. He understands the imperative to avoid letting flat prices soar while making sure they do not fall precipitously... https://www.scmp.com/comment/opinion/article/3223621/chan-right-remain-cautious-hong-kong-property?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3223621/chan-right-remain-cautious-hong-kong-property?utm_source=rss_feed Fri, 09 Jun 2023 22:30:15 +0000