Hong Kong Cuts Stamp Duty on Commercial Property Amid Slump
- Levy of as much as 8.5% to be scrapped starting Thursday
- Stamp tax will remain in place for residential properties
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The Hong Kong government is scrapping an extra stamp duty levied on commercial property purchases in an effort to bring the lackluster market back to life.
The government will abolish the additional duty for non-residential properties effective Thursday, Chief Executive Carrie Lam said during a speech. The levy of as much as 8.5% of a property’s value was introduced in 2013 to cool the overheated market. Commercial deals will still be subject to a standard duty of up to 4.25%.