Hong Kong Mulls Tax on Unsold Apartments to Curb Soaring Prices
- Policy would probably not apply ‘across the board,’ Chan said
- Financial Secretary sees significant increase in unsold homes
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Hong Kong is considering imposing a tax on unsold apartments in its search for ways to cool the city’s red-hot housing market, a move that could unlock the supply of empty homes being hoarded by developers.
Financial Secretary Paul Chan said on an online talk show on Thursday that the number of unsold units had increased significantly so far this year, from the 9,500 vacant new homes at the end of 2017, without providing the latest number. He said that the tax would probably need to "have a particular target, and not apply across the board."