Hong Kong Weekend Secondary Home Deals Drop on Government CurbsKelvin Wong
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.
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