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Hong Kong Weekend Secondary Home Deals Drop on Government Curbs

March 10 (Bloomberg) -- 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., 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

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