Tycoon Developer Ronnie Chan Says Hong Kong Vacancy Tax Unfair

Hong Kong’s decision to tax developers who hold unsold properties will fall disproportionately on builders of ultra-luxury apartments, which take longer to sell, said Ronnie Chan, chairman of Hang Lung Properties Ltd.

“We are in a sense, a sitting duck,” said Chan, referring to the Hang Lung’s Blue Pool Road development where houses cost more than HK$200 million ($25 million). “It is rather unfair for high-end luxury properties.”