During the budget presentation, Finance Minister Paul Chan announced that all restrictions, including additional taxes, that were imposed earlier to stimulate the real estate market would be lifted with immediate effect.
This decision was made to help boost Hong Kong's economy, which has been struggling due to falling house and share prices, as well as slow recovery in tourism following the COVID-19 pandemic and China's economic slowdown.
The minister stated that the limits on property transactions were no longer necessary in the current economic and market conditions. As a result, the government will remove the 15% stamp duty imposed on non-residents buying property in Hong Kong and the 15% stamp duty charged on second property purchases.
Additionally, home owners will no longer have to pay a separate duty on sales of homes bought less than two years ago. The minister also mentioned that more measures may be taken to facilitate property lending.
