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.
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00:00 It's Benzinga and here's what's on the block.
00:02 Hong Kong will cut stamp duties on property purchases for the first time in over a decade,
00:06 as well as reduce stock trade taxes.
00:08 The stamp duty that non-permanent residents pay for property purchases
00:12 and another levy imposed on additional property purchases by residents
00:15 will each be halved to 7.5%.
00:17 The measures aim to revive Hong Kong's economic activity
00:20 as visitor numbers and retail sales have yet to return to pre-COVID levels
00:24 due to strict COVID policies denting Hong Kong's global image.
00:27 For all things money, visit Benzinga.com.
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