Hong Kong to Charge Additional Rates on Unsold Primary Homes
Photographer: Lam Yik Fei/Bloomberg
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Hong Kong will charge additional rates on unsold new apartments in a bid to limit hoarding by developers and cool a red-hot property market.
Apartments left vacant for more than six months will be charged a 200 percent rate of the rental value, or equivalent to about 5 percent of the unit’s price, according to Chief Executive Carrie Lam, who announced latest housing policies on Friday. The amendment is subject to approval by the Legislative Council.