Hong Kong budget hopes to restore city’s fiscal health, look for new revenues and growth as finance chief axes property curbs in surprise move
- Financial Secretary Paul Chan surprises market by going for a complete removal of all property cooling measures with immediate effect
- Chan also introduces a more targeted tax for the rich, in line with other advanced economies
Announcing the axing of the decade-old property measures, Financial Secretary Paul Chan Mo-po surprised the market by going for a complete removal with immediate effect, one of several unexpected moves in his spending blueprint.
Another key policy shift he took to boost the government’s coffers was to introduce a more targeted tax for the rich, in line with other advanced economies.
Salaries tax for individuals making at least HK$5 million will go up, along with the introduction of a progressive rating system for domestic properties, Chan revealed, as he steered clear of raising charges of public services and basic utilities that would have affected a wider cross-section of the public.
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Hongkongers react after 2024-25 budget scraps measures to cool property market
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