Hong Kong lifts curbs on property market, to spend more on tourism [Financial Post (Toronto, Ontario, Canada)]
SUN HUNG KAI PY LTD S/ADR (SUHJY)
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Source: Financial Post
Finance minister Paul Chan announced the move in a speech presenting the territory's budget, which also raised spending on tourism promotion. He said all curbs, such as extra taxes, imposed earlier to cool the property market would be lifted with immediate effect. Article content Home prices have fallen for nine consecutive months and share prices have languished as a tightening of freedoms in the former British colony has rattled investors. Meanwhile, Hong Kong's tourism has not fully rebounded after it reopened to foreign travelers following the COVID-19 pandemic. China's slowing economy has also impacted Hong Kong's recovery. Article content Chan said the limits on property transactions were “no longer necessary amid the current economic and market conditions.” The government lifted a 15% stamp duty imposed on non-permanent residents who buy property in Hong Kong and a 15% stamp duty charged on purchases of a second property. Homeowners also no longer must pay a separa
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