Hong Kong Weekend Secondary Home Deals Drop on Government Curbs

Hong Kong’s biggest private residential projects recorded fewer than 10 transactions for a second straight weekend after the developer controlled by the city’s richest man said it would cut prices of its apartments to boost sales in response to a doubling of stamp duty.

A total of six units changed hands today and yesterday at the city’s top 15 private home estates, including Tai Koo Shing and Mei Foo Sun Chuen, compared with 9 transactions a week earlier, according to data compiled by Midland Holdings Ltd. (1200), Hong Kong’s biggest publicly listed realtor.

Hong Kong on Feb. 22 doubled stamp duty tax on all properties over HK$2 million and raised mortgage downpayment requirements on some homes, the fourth round of major real estate curbs since Chief Executive Leung Chun-ying took office in July.

To contact the reporter on this story: Kelvin Wong in Hong Kong at kwong40@bloomberg.net

To contact the editor responsible for this story: Stanley James at sjames8@bloomberg.net