What’s the buzz over the Hong Kong budget? Residents ask if it’s time to buy property and wonder who will pay more taxes
- Property agents say they expect sales to increase as a result of the end of curbs
- Top earners will have to pay an average of HK$75,800 extra a year in salaries tax
“Buyer’s Stamp Duty”, “Special Stamp Duty” and “electric vehicles replacement” became top online searches just hours after Financial Secretary Paul Chan Mo-po delivered his annual budget.
The Post takes a look at the measures that will affect home and car sales and more of the city’s big talking points from Wednesday’s financial blueprint for the year here.
1. Good time to buy a property?
The removal of all restrictions on property transactions was definitely the talk of the town after the decade-old market cooling measures designed to discourage speculation were scrapped with immediate effect.
Property agents said they expected sales to increase as a result of the end of curbs and some offices placed posters outside to promote the changed environment.
The benchmark Hang Seng Index fell by 253 points to 16,536 as the market closed on Wednesday, but the city’s major developers appeared to have done well in the stock market.
New World Development shares jumped 3.2 per cent, Henderson Land Development was up 3.6 per cent, Sun Hung Kai Properties added 0.32 per cent and CK Asset Holdings was 0.14 per cent.
The Monetary Authority will also ease requirements for property loans, also with immediate effect.
