Photo by Manson Yim from Unsplash

Property market needs time to adjust to new measures: CE Lee

The government reduced rates of the Buyers's Stamp duty to 7.5%.

Chief Executive John Lee said the property market needs time to adjust to the easing of property measures announced in the Policy Address last month.

The government announced adjustments to the demand-side management measures for residential properties, including the shortening of the applicable period for Special Stamp Duty payments from three years to two years. 

The measure resulted in Buyer’s Stamp Duty and the New Residential Stamp Duty rate reduction to 7.5% from 15% and suspension of the stamp duty for residential property acquisition by incoming talent to Hong Kong.

The government policy aims to help buyers in deciding whether to buy or not buy property based on their situation.

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