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Hong Kong announces measures to cool property market

Posted on 29 October 2012

Hong Kong announced Friday it will raise real-estate purchasing and resale costs to cool its overheating property market down, in a move targeting non-local buyers and speculative activities.
The prices of small and medium sized residential flats in the southern Chinese city, famous for its sky-high rent, surged 20 percent for the first nine months of the year, prompting the government to take action. The new measures include the increase of special stamp duties for properties re-sold within the first three years of its purchase and imposing an extra 15 percent transaction cost on non-local buyers and local and foreign companies………………………………………..Full Article: Source


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