The Hong Kong government will raise taxes and increase the supply of land to deflate a potential property bubble, the territory's financial secretary announced in his annual budget address yesterday.
John Tsang said stamp duty on property sales, worth more than HK$20m ($2.6m, €1.9m, £1.7m), would rise from 3.75 per cent to 4.25 per cent, effective April 1. The government would also make more land available, which has traditionally been released for auction only after a developer indicates its willingness to pay a high “reserve price”.
Last week, Sun Hung Kai Properties, Hong Kong's largest developer, paid HK$3.4bn at auction for a plot near the border with China, exceeding the government's reserve price by 65 per cent.
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