Residential project sales continue to fall

Doubling of stamp duty negates efforts to boost sales.

Hong Kong’s biggest private residential projects reported less than 10 transactions for a second straight weekend. A total of six units changed hands over the weekend at Hong Kong’s top 15 private home estates compared with nine transactions a week earlier, according to data compiled by Midland Holdings Ltd., Hong Kong’s biggest publicly listed realtor.

Hong Kong last Feb. 22 doubled the stamp duty tax on all properties over HK$2 million and raised mortgage downpayment requirements on some homes, the fourth round of major real estate curbs since Chief Executive Leung Chun-ying took office in July 2012.