Property News · April 11, 2017

CY Leung seeks to plug housing loophole with stamp duty rise for multiple flat purchases


First-time Hong Kong homebuyers purchasing multiple flats in one go will now have to pay a 15 per cent stamp duty as the ­government finally seeks to plug a legal loophole open to exploitation by speculators.
The loophole was first reported by the Post last November, days after the government, in a bid to curb runaway property prices, more than doubled the stamp duty to a flat rate of 15 per cent for all residential purchases. It did not apply to first-time buyers, allowing speculators…

Source : South China Morning Post
Read more…CY Leung seeks to plug housing loophole with stamp duty rise for multiple flat purchases

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