Hong Kong says no plans to relax stamp duty on property

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Hong Kong says no plans to relax stamp duty on property

This is a general view of residential and commercial buildings in the Causeway Bay district of Hong Kong Island in Hong Kong on May 14, 2021, Hong Kong. ANTHONY WALLACE AFP HONG KONG - The Hong Kong Special Administrative Region government has no plans to relax its stamp duty on property, a spokesman said on Tuesday.

A spokesman for the Financial Secretary's Office said there were no discussions on cutting the stamp duty that non-locals have to pay to buy property in the city.

Regarding reports that the government is considering the relaxation of stamp duties for property, the government clarifies that there has not been discussion on the matter, and points out clearly that there are no relevant plans, he said.

The spokesman issued a statement after media reports said that the government was considering relaxing the stamp duty to boost the economy.

After the government clarified their intentions, Hong Kong property developers fell back to highs. The New World Development Co was up 2.5 percent, but had risen by as much as 6 percent in the morning.

ALSO READ: Hong Kong's home prices fall to the lowest level in 18 months in June.

Sun Hung Kai Properties was up 2 percent, while CK Asset Holdings and Henderson Land Development gained more than 1 percent.