Pursuits
Hong Kong’s Leaders Move to Cool World’s Highest Home Prices
- Stamp duty increased 15% for all residential transactions
- New measures expected to curb property market, Tsang says
Residential and commercial buildings stand in the Shau Kei Wan district of Hong Kong, China, on Friday, June 19, 2015. Hong Kong is scheduled to release consumer price index (CPI) figures today.
Photographer: Xaume Olleros/BloombergThis article is for subscribers only.
Hong Kong Chief Executive Leung Chun-ying is taking additional steps to cool the world’s costliest property market, where prices have rebounded after a short-lived dip.
The government raised the stamp duty to 15 percent for all residential purchases -- except for first-time buyers who are permanent residents -- effective Saturday. Until now, the highest levy for residents was 8.5 percent, while foreigners already pay a 15 percent stamp duty. Leung and some of the city’s most senior officials were present to announce the change.