Investment Executive on Nostr: Hong Kong lifts curbs on property market ========== Hong Kong's government has lifted ...
Hong Kong lifts curbs on property market
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Hong Kong's government has lifted curbs on property deals after home prices fell to a seven-year low. Finance minister Paul Chan announced the move in a speech presenting the territory's budget, stating that all curbs, such as extra taxes, imposed earlier to cool the property market would be lifted with immediate effect. Home prices have fallen for nine consecutive months and share prices have languished as a tightening of freedoms in the former British colony has rattled investors. The government lifted a 15% stamp duty imposed on non-permanent residents who buy property in Hong Kong and a 15% stamp duty charged on purchases of a second property. Homeowners also no longer must pay a separate duty on sales of homes purchased less than two years before. Chan said more measures might be taken to ease property lending. Shares of property developers in Hong Kong jumped after the scrapping of cooling measures was announced. Henderson Land's shares rose 4.1%, while New World Development's soared 5.9%. Sun Hung Kai Properties jumped 4.1%. As an additional tourist attraction, Chan said the city will revamp its light show on scenic Victoria Harbor and stage monthly pyrotechnic and drone shows over the waterfront. Another $100 million Hong Kong dollars ($12.8 million) will go to promoting big events in the city, highlighting activities like hiking and cycling and creating a new tourism brand to "soft-sell" Hong Kong, he said. The city also will collaborate with mainland Chinese cities to boost tourism in the Greater Bay Area surrounding Hong Kong.
#HongKong #PropertyMarket #Curbs #HomePrices #StampDuty #PropertyLending #Tourism
https://www.investmentexecutive.com/news/research-and-markets/hong-kong-lifts-curbs-on-property-market/
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Hong Kong's government has lifted curbs on property deals after home prices fell to a seven-year low. Finance minister Paul Chan announced the move in a speech presenting the territory's budget, stating that all curbs, such as extra taxes, imposed earlier to cool the property market would be lifted with immediate effect. Home prices have fallen for nine consecutive months and share prices have languished as a tightening of freedoms in the former British colony has rattled investors. The government lifted a 15% stamp duty imposed on non-permanent residents who buy property in Hong Kong and a 15% stamp duty charged on purchases of a second property. Homeowners also no longer must pay a separate duty on sales of homes purchased less than two years before. Chan said more measures might be taken to ease property lending. Shares of property developers in Hong Kong jumped after the scrapping of cooling measures was announced. Henderson Land's shares rose 4.1%, while New World Development's soared 5.9%. Sun Hung Kai Properties jumped 4.1%. As an additional tourist attraction, Chan said the city will revamp its light show on scenic Victoria Harbor and stage monthly pyrotechnic and drone shows over the waterfront. Another $100 million Hong Kong dollars ($12.8 million) will go to promoting big events in the city, highlighting activities like hiking and cycling and creating a new tourism brand to "soft-sell" Hong Kong, he said. The city also will collaborate with mainland Chinese cities to boost tourism in the Greater Bay Area surrounding Hong Kong.
#HongKong #PropertyMarket #Curbs #HomePrices #StampDuty #PropertyLending #Tourism
https://www.investmentexecutive.com/news/research-and-markets/hong-kong-lifts-curbs-on-property-market/