New Tax On Non-Resident Property Buyers
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