HK may raise duty to avoid property bubble

HONG KONG: Hong Kong may hike a transaction tax on homes valued at or below HK$20 million (HK$100 = RM41.26) to avoid the possibility of an asset bubble.

A spokesman for the city’s financial secretary John Tsang said the government was considering an increase in stamp duty similar to the one announced in February for homes over HK$20 million.

The earlier measure, which raised stamp duty from 3.75 per cent to 4.25 per cent, came into effect at the start of April.

By AFP