Hong Kong to raise stamp duties to tame hot property market

Swire Properties

04/11/2016 09:35

HONG KONG, Nov 4 (Reuters) - Hong Kong will raise stamp 
duties on property transactions for the first time in three 
years, government officials said on Friday, the latest effort to 
check an overheated property market. 
    Stamp duties would be increased to 15 percent of the 
transaction value across the board, Leung Chun-Ying, Hong Kong's 
chief executive said, flanked by other senior officials from his 
administration. 
    First time local buyers would be exempt from the increased 
taxes. 
    The latest measures take effect from Nov. 5. 
    Hong Kong's real estate is among the most expensive in the 
world. Government data on Monday showed home prices rising for 
six consecutive months to hit the highest level in nearly a 
year.  urn:newsml:reuters.com:*:nL4N1D120B 
       
 
 (Reporting by Venus Wu and Clare Jim; Editing by Jacqueline 
Wong) 
 ((saikat.chatterjee@thomsonreuters.com; 852-2843-6548; Reuters 
Messaging: saikat.chatterjee.reuters.com@reuters.net)) 
 
Keywords: HONGKONG PROPERTY/MEASURES