New Tax On Non-Resident Property Buyers

Category: Real estate, Posted:16 Nov 2012 | 06:00 am

In an attempt to cool off skyrocketing property prices, Hong Kong has instituted a 15% stamp duty on non-resident purchasers.
It's estimated that apartment prices in the SAR have moved up by as much as 20% within this year.
Previous efforts to stem the tide of hyper real state appreciation had focused on wider limitations on mortgage lending.
The key-purchasing group caught on the crosshairs of the new initiative is buyers from the Mainland who have been the main drivers of transactions

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