Hong Kong Hikes Stamp Duty for Luxury Homes as Sales Rebound

Hong Kong is hiking stamp duty for luxury home transactions following a recent flurry of activity in the market.

Stamp duty on residential property transactions valued above HK$100 million ($12.8 million) will be raised to 6.5% from 4.25%, the city’s financial secretary Paul Chan said in a budget speech on Wednesday. The new measure is expected to affect about 0.3% of residential property deals in the city and bring in around HK$1 billion of revenue each year, according to Chan.