Hong Kong Announces Historic Stamp Duty Cut to Boost Property Market

Hong Kong will cut stamp duties on property purchases for the first time in over a decade, as well as reduce stock trade taxes. The stamp duty that non-permanent residents pay for property purchases and another levy imposed on additional property purchases by residents will each be halved to 7.5%. The measures aim to revive Hong Kong's economic activity, as visitor numbers and retail sales have yet to return to pre-Covid levels due to strict Covid policies denting Hong Kong's global image.