Property

Hong Kong says it has held no discussions on enjoyable property stamp responsibility

Personal residential blocks are seen behind a cemetery at Tseung Kwan O district in Hong Kong, China September 15, 2018. REUTERS/Bobby Yip

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HONG KONG, Aug 9 (Reuters) – Hong Kong’s authorities mentioned on Tuesday it had no plans to calm down its stamp responsibility on property, responding to media experiences that it might take into account waiving the additional stamp responsibility that mainland Chinese language need to pay to purchase property within the metropolis.

“(The federal government) clearly states that there are not any related plans,” a spokesman for the Monetary Secretary’s Workplace mentioned in an announcement.

Shares of Hong Kong property builders fell again from highs after authorities’s clarification. New World Improvement Co (0017.HK) was nonetheless up 2.5%, however had risen by as a lot at 6% within the morning.

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Solar Hung Kai Properties (0016.HK) was up 2%, whereas CK Asset Holdings (1113.HK) and Henderson Land Improvement (0012.HK) each gained over 1%.

Regina Ip, convenor of the federal government’s advisory Govt Council informed Bloomberg TV on Tuesday morning Hong Kong could take into account waiving further stamp responsibility on properties for mainland Chinese language consumers as a solution to shore up the economic system and reverse a mind drain.

She later clarified to Industrial Radio Hong Kong it was a suggestion from her New Folks’s Celebration, which might be raised to the federal government throughout the session interval for the Coverage Deal with.

Hong Kong earlier this 12 months was ranked by survey firm Demographia because the world’s most unaffordable housing marketplace for the twelfth consecutive 12 months.

Hong Kong non-public house costs fell at a quicker tempo in June and dropped to the bottom since December 2020, as homebuyers stayed on the sidelines as a result of an unsure outlook and rising rates of interest. learn extra

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Reporting by Clare Jim; Enhancing by Sam Holmes & Simon Cameron-Moore

Our Requirements: The Thomson Reuters Belief Rules.

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