Higher tax targets HK$100 million-plus homes as government sees limited impact on wealthy buyers
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Hong Kong’s legislature approved a higher stamp duty on homes worth more than HK$100 million ($12.8 million), raising the rate to 6.5% from 4.25% as the city’s super-luxury housing market rebounds.
Stock-market gains and attractive prices will continue to lure wealthy buyers including mainland Chinese investors, agents say.
Mainland buyers account for 80 per cent of 35 deals in last year and a half, including five above HK$1 billion (US$127 million).
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Second-hand home prices record a 0.03 per cent gain in June, the third straight month of improvement.
Prices could rise up to 5 per cent this year given improving market sentiment and low financing costs, CBRE says.
