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Hong Kong Doubles Stamp Duty on All Properties on Bubble Risks

Hong Kong doubled the sales tax on property costing more than HK$2 million ($258,000) and targeted commercial real estate for the first time as bubble risks spread from apartments to parking spaces, shops and hotels.

The stamp duty will increase to 8.5 percent of the purchase price for all properties, Hong Kong Financial Secretary John Tsang said at a briefing yesterday. The Hong Kong Monetary Authority also tightened mortgage terms for commercial properties and parking spaces.