Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Saturday, Jul 20, 2024

Hong Kong treasury chief stonewalls calls for more relief measures for homebuyers

Hong Kong treasury chief stonewalls calls for more relief measures for homebuyers

Secretary for Financial Services and the Treasury Christopher Hui says stamp duty bill will benefit about 37,000 homebuyers.

Hong Kong’s treasury chief has stonewalled calls for more relief measures to help residents purchase property as legislators approved a tax-cutting bill for buyers of cheaper homes.

Secretary for Financial Services and the Treasury Christopher Hui Ching-yu on Wednesday said the bill would benefit about 37,000 homebuyers by reducing stamp duty payments by up to HK$67,500 (US$8,612).

“The move will cost the government about HK$1.9 billion a year,” he added.

Hui was addressing lawmakers during a Legislative Council debate over the Stamp Duty (Amendment) Bill 2023, which was eventually passed by a show-of-hands vote after a 30-minute discussion.

Secretary for Financial Services and the Treasury Christopher Hui.


Stamp duty is a tax levied on documents that are required to legally record property transactions. The government began imposing a series of increased stamp duties on property in 2010 in a bid to crack down on rampant speculation.

The bill seeks to adjust the calculation of the ad valorem stamp duty for the sale and purchase of both residential and non-residential properties, mostly affecting those valued at up to about HK$10 million.

Under the changes, the stamp duty will be HK$100 for properties costing up to HK$3 million, instead of the previous HK$2 million threshold.

The adjustments came into force by way of negative vetting, meaning lawmakers voted on the bill after it took effect. It was implemented immediately after Financial Secretary Paul Chan Mo-po’s announcement of the measure in his budget speech this year.

Hui said he hoped the changes would help ease the burden on first-time buyers of small and medium-sized flats.

Legislator Louis Loong Hon-biu, who represents the real estate and construction sector, said the government should drop all anti-property speculation measures imposed since 2010.

“The housing market nowadays is totally different from what it was in 2010. The cooling measures only twist the market and affect transactions and sales,” said Loong, who also called for stamp duty rates to be reviewed regularly.

Legislator Kwok Wai-keung from the Federation of Trade Unions also urged authorities to introduce more generous stamp duty cuts.

“Saving HK$67,500 is not that much compared with the down payment on a flat,” he said.

Tony Tse Wai-chuen, who represents the architectural, surveying, planning and landscape sector, called on the government to offer loans to residents buying their first home.

Treasury chief Hui said the government would review the need, fiscal situation and economic outlook when it considered adjusting any tax items during budget preparations every year.

“It is not appropriate for the government to mandate an interval for review of individual tax items,” he said.

The bill follows a slew of eased measures for homebuyers suggested over the past few years.

In his first policy address in October 2022, Chief Executive John Lee Ka-chiu proposed the government would refund the extra stamp duty paid by non-local buyers when they bought a residential property in the city – if they remained in Hong Kong for seven years and obtained permanent residence.

Newsletter

Related Articles

Hong Kong News
0:00
0:00
Close
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
×