Hong Kong's lukewarm post-Covid economic recovery has been accompanied by sluggish residential transactional volumes in its once red-hot property sector.
The stamp duty that non-permanent residents have to pay for property and another levy imposed additional properties purchases by resident will each be halved to 7.5 per cent.
Newly arrived foreign talent will enjoy a full suspension of all property purchase levies, but that's subject to obtaining permanent residency in the Chinese autonomous territory. "Over the past year, interest rates have risen significantly, various economies have shown moderated growth, and transactions of the local residential property market have declined alongside a downward adjustment of property prices," Hong Kong Chief Executive John LeeHong Kong's lukewarm post-Covid economic recovery has been accompanied by sluggish residential transactional volumes in the territory's once notoriously hot property sector.
Among levies relaxed: the stamp duty that non-permanent residents have to pay for property and another levy imposed on additional properties purchases by residents will each be halved to 7.5 per cent.
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