Hong Kong may cut home stamp duty for mainland buyers - Bloomberg News

Sun Hung Kai Properties

09/08/2022 05:15

HONG KONG, Aug 9 (Reuters) - Hong Kong may consider waiving
extra stamp duty on homes for mainland Chinese buyers as a way
to shore up the economy and reverse a brain drain, Regina Ip,
convenor of the government's advisory Executive Council told
Bloomberg on Tuesday.
    Shares of Hong Kong property developers rose after the
comment, with New World Development Co  0017.HK  jumping 5.5%
and Sun Hung Kai Properties  0016.HK  up 4.1%. CK Asset Holdings
 1113.HK  and Henderson Land Development  0012.HK  both gained
over 3%.
    "It is all a raft of measures under consideration and this
is certainly something that the government could consider," Ip
said on Bloomberg TV.
    Chinese investments were one of drivers of higher property
prices in Hong Kong before 2019. Hong Kong earlier this year was
ranked by survey company Demographia as the world's most
unaffordable housing market for the 12th consecutive year.
    Hong Kong private home prices fell at a faster pace in June
and dropped to the lowest since December 2020, as homebuyers
stayed on the sidelines due to an uncertain outlook and rising
interest rates.  urn:newsml:reuters.com:*:nL1N2Z805Y

 (Reporting by Clare Jim; Editing by Sam Holmes)
 ((clare.jim@thomsonreuters.com;))