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COMMERCIAL PROPERTY | Staff Reporter, Hong Kong

Stamp duty cut on commercial property to trigger more deals: CBRE

However, capital values are not likely rebounding strongly unless rent rates rose.

The removal of double stamp duty (DSD) on commercial property transactions will trigger more transactions in the immediate future, with end users expected to be more active, said CBRE head of research for the Greater Bay Area and Hong Kong Marcos Chan.

Launched in 2012, the DSD was an additional fee on non-residential properties. Its removal was announced in Chief Executive Carrie Lam’s Policy Address 2020.

Cutting the stamp duty came at a time “when the commercial property investment market needs a boost,” Chan said.

However, capital values were not likely rebounding strongly soon, until leasing demand picked up and rent rates rose.

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