Hong Kong’s government has announced the latest round of property measures to cool off property investments by increasing the stamp duty on property transactions to 15 per cent across the board.
It will be raised from the previous range of between 4.25 per cent and 8.5 per cent.
The measures apply to individual and corporate buyers effective on November 5.
Chief Executive Leung Chun-ying said the new round of measures are being implemented because home prices have risen at a faster pace with increasing investors rushing into the market.
Hong Kong’s home prices rose for the sixth consecutive month in September, bringing an accumulative growth of 8.9 per cent, led by small and medium sized homes, according to government data.
Home prices in September were just 3.46 per cent below the peaks in September last year, according to the Rating & Valuation Department.
In April , home prices rose 0.6 per cent month-on-month, but the growth rose at a faster pace. In September, the month-on-month increase reached 2.78 per cent.
from South China Morning Post