The tax, at 200 % of a newly built unit's rateable value, which is the estimated annual rental value of a property, will need to be approved by the city's Legislative Council, Chief Executive Carrie Lam said
The property market in Hong Kong, which is fueled by domestic demand, is “still going strong,” Ms. Chan said, as prices continue to rise.
A government monthly index shows home prices rose 1.41% in December compared to November, extending a marathon trend of price increase that began in April 2016
The government index tracking the prices of private domestic homes edged up 0.27 % in September from August, government data showed on Tuesday
Hong Kong stocks fell the most in over two months on Thursday as investors dumped property shares amid signs of tighter liquidity in the city and after data showed property sales in mainland China fell for the first time in over 2-1/2 years.
In a research note, Morgan Stanley estimates only about 170,000 households can benefit from the plan which lets in those whose monthly income fall within a narrow band of HK$26,000 to HK$34,000 per person or HK$52,000 to $68,000 per household.
After Toronto, Stockholm, Munich, Vancouver, Sydney, London and Hong Kong round out the top six, according to the banking giant's latest Global Real Estate Bubble Index
Chinese nationals are expected to buy over $104bn in global real estate this year, according to a new report from Juwai.com. Although Juwai's Chinese Global Property Investment Report has found that last year's figures were higher, over $133bn, and that Australia actually received the second largest share of this outpouring capital.
The government index tracking the prices of private domestic homes edged up 0.09 % in July compared to June
An apartment of less than 200 square feet can cost as much as $500,000 in the former British colony, making the prospect of owning a home a distant dream for many residents
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