Hong Kong is slashing extra stamp duties for some homebuyers and reversing a pandemic-era increase in stock trade levies as officials seek to boost the beleaguered property sector and revive the city’s status as a financial hub.
Chief Executive John Lee detailed the measures Wednesday during the second policy address of his tenure. They included a highly anticipated move to cut taxes for homebuyers who aren’t from the city as well as for residents who already own property — the first changes to housing curbs in the decade since they were introduced.
Lee said the city will lower the stock trade stamp duty to 0.10% from 0.13%, reversing a hike introduced at the height of the pandemic in 2021.
