HK tackles property bubble
- Published: 22 Feb 2013 at 18.06
- Online news:
HONG KONG -- Hong Kong on Friday doubled the sales tax on properties costing more HK$2 million (7.7 mllion baht) and targeted commercial real estate for the first time as the risk of a bubble spreads from apartments to parking spaces, shops and hotels.
The stamp duty will increase to 8.5% of the purchase price for all properties, Financial Secretary John Tsang said.
The Hong Kong Monetary Authority also tightened mortgage terms for commercial properties and parking spaces, which have attracted a lot of speculative money.
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