{"id":34574,"date":"2016-11-16T14:48:53","date_gmt":"2016-11-16T07:48:53","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-braces-for-the-big-chill-from-new-stamp-duty\/"},"modified":"2016-11-16T14:52:03","modified_gmt":"2016-11-16T07:52:03","slug":"hong-kong-braces-for-the-big-chill-from-new-stamp-duty","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-braces-for-the-big-chill-from-new-stamp-duty\/","title":{"rendered":"Hong Kong braces for the big chill from new stamp duty"},"content":{"rendered":"


\nIs buying second homes in the Chinese SAR worth the extra burden?
\nSongquan Deng\/Shutterstock
\nApparently, the sale of Asia\u2019s most expensive apartment last week was just a fluke.
\nHome buyers in Hong Kong are finally feeling the chill from the latest cooling measure increasing the stamp duty for second home buyers and foreign investors.
\nDeals for seven Hong Kong apartments, with a value of HKD55.4 million (USD7.1 million), have been cancelled, the South China Morning Post reported.
\nMore will follow this week, warned Sammy Po, chief executive at the residential department of Midland Realty. \u201cBuyers have decided to give up their deposits and walk away from the transactions in view of increasing market uncertainties,\u201d he said.
\nMore: Where the Hong Kong MTR goes, property boom follows
\nOne of the biggest cancellations involved four Napa apartment units at So Kwun Wat in Tuen Mun, valued at HKD30.6 million (USD3.9 million).
\nCancellations were also reported at the One Homantin development by Wheelock Properties, which sold Asia\u2019s most expensive apartments earlier this month. The transactions involved two flats priced at HKD10.93 million (USD1.4 million) and HKD10.1 million (USD1.3 million). Both buyers didn\u2019t proceed to complete their purchases, the website showed.
\nPo believes that buyers who invested in property around the time the stamp duty hike was announced have lost confidence in the market\u2019s outlook, the Post reported.
\nRead next: Hong Kong\u2019s newest expat neighborhood keeps on getting cooler
\n
\nSource : property-report.com
\nRead more…Hong Kong braces for the big chill from new stamp duty<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Is buying second homes in the Chinese SAR worth the extra burden? Songquan Deng\/Shutterstock Apparently,...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-34574","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-8ZE","jetpack-related-posts":[{"id":40344,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-hong-kong-prices-wont-stop-rising-in-2017\/","url_meta":{"origin":34574,"position":0},"title":"Why Hong Kong prices won\u2019t stop rising in 2017","date":"January 11, 2017","format":false,"excerpt":"\r No worries, no (downward) pressure despite stamp duty The Central-Mid-Levels escalator and walkway system in Hong Kong is the longest outdoor covered escalator system in the world. Pelikh Alexey \/ Shutterstock.com Analysts do not expect home values in Hong Kong to stop rising this year, new stamp duties notwithstanding.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":34288,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/buyers-are-walking-away-from-hong-kong-property-contracts-as-stamp-duty-bites\/","url_meta":{"origin":34574,"position":1},"title":"Buyers are walking away from Hong Kong property contracts as stamp duty bites","date":"November 14, 2016","format":false,"excerpt":"\r A growing number of Hong Kong\u2019s property buyers have defaulted on their agreements and forfeited their deposits, as a November 5 increase in stamp duty shows effects. Four transactions involving seven apartments valued at a combined HK$55.4 million had been cancelled, according to the government\u2019s website. \u201cMore contracts will\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":35634,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-real-estate-prices-to-soften-next-year\/","url_meta":{"origin":34574,"position":2},"title":"Hong Kong real estate prices to soften next year","date":"November 24, 2016","format":false,"excerpt":"\r That pesky stamp duty again The future\u2019s a blur. Image: iMoStudio\/Shutterstock Residential prices in Hong Kong are to face downward pressure in 2017 following the governments stamp duty increase for non-first time buyers, says Colliers. The stamp duty hike on 5 November is the second increase in three years.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":32966,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-more-than-doubles-property-stamp-duty-to-15-per-cent-to-cool-overheating-market\/","url_meta":{"origin":34574,"position":3},"title":"Hong Kong more than doubles property stamp duty to 15 per cent to cool overheating market","date":"November 4, 2016","format":false,"excerpt":"\r Hong Kong\u2019s 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":117794,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uks-stamp-duty-holiday-likely-to-entice-more-hong-kong-home-buyers-fleeing-security-law\/","url_meta":{"origin":34574,"position":4},"title":"UK\u2019s stamp duty holiday likely to entice more Hong Kong home buyers fleeing security law","date":"July 14, 2020","format":false,"excerpt":"\r London\u2019s announcement of a stamp duty holiday until March next year is likely to entice more Hongkongers to buy homes in the UK after the British government confirmed it will allow more than 3 million residents of its former colony to seek permanent residency.\r\rThe anticipated influx has even led\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":39681,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-secondary-home-sales-in-hong-kong-are-feeling-the-chill\/","url_meta":{"origin":34574,"position":5},"title":"Why secondary home sales in Hong Kong are feeling the chill","date":"January 5, 2017","format":false,"excerpt":"\r While the primary market is simmering Crowds gather at 1881 Heritage, the former Marine Police Headquarters, in Hong Kong. Zen S Prarom \/ Shutterstock.com Winter has come to Hong Kong. While new home sales in the Chinese SAR hit hot new highs price-wise, secondary market sales plummeted last year\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/34574"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=34574"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/34574\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=34574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=34574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=34574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}