Cooling a rampant property market - Jan 2017

Freelance journalist: Chris Sheedy
In The Black magazine
CPA Australia

"Hong Kong doubles down on stamp duty"
1000 words

What is the reasoning behind the massive hike in stamp duty in the world’s hottest real estate market Three years ago the stamp duty paid by property purchasers in Hong Kong rose from 4.25 per cent to 8.5 per cent for residents where the amount or value of the consideration exceeded HK$2 million. For foreign buyers, the stamp duty was set at 15 per cent. In November 2016, the rate for all second-home buyers, private or corporate, shot up to 15 per cent, irrespective of the amount or value of the consideration. Only first-home-buying permanent residents of Hong Kong can avoid the increased charge. READ FULL STORY