Property News · September 21, 2018

Looming vacancy tax is prying long-held flats from Hong Kong developers who kept them locked away for future appreciation riches


Hong Kong’s tax on empty flats appears to be working.
The city’s cash-rich developers had hoarded more than 9,000 new flats as of June 29, according to government data, when the vacancy tax was first proposed. Some of the flats had been held for more than a decade. The developers rightly assumed the prices would shoot up through the stratosphere if the flats were held and later sold as new.
But in just over two months, facing the threat of a humongous tax bill for hoarding that is…

Source : South China Morning Post
Read more…Looming vacancy tax is prying long-held flats from Hong Kong developers who kept them locked away for future appreciation riches

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