31.10.2012 - Hong Kong's property fumble
The tidal wave of cheap dollars crashing ashore in Asia is creating asset bubbles across the region, and Hong Kong's property market is no exception. Too bad the territory is dealing with the surge in the wrong way. Financial Secretary John Tsang on Friday announced a new tax of 15% on residential property purchases by foreigners, effective immediately. The tax also applies to any residential purchase by a company. Additionally, the government will increase the special stamp duty imposed on re-sales within three years of purchase, having also extended that time period from two years...............................................Full Article: Source
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