Hong Kong to tighten property stamp duties

This is to prevent buyers from evading tax.

The Hong Kong government announced that the property stamp duty mechanism will be tightened to stop buyers from evading tax by purchasing multiple new homes under a single contract.

The announcement was made by Chief Executive CY Leung, Financial Secretary Paul Chan, and Secretary for Transport & Housing Anthony Cheung. The change will see buyers pay the 15% stamp duty according to the number of new homes purchased, rather than a single contract.

"We have been taking measures to suppress three types of demand: speculative; external, meaning demand from buyers outside of Hong Kong; and also investment demand," said Leung.

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