Hong Kong leader John Lee delivered his annual policy statement on Wednesday with a main focus on announcing measures to boost the property market and an economy hurt by slowing demand from the mainland.
According to local media Sing Tao, the leader is expected to deliver a cut on Hong Kong’s home-buying tax by half to 7.5% for second home purchase. Currently, a second-home buyer is subject to a tax equivalent to 15% of the property value.
Meanwhile, John Lee also announced a reduction of stamp duty (taxes on foreign transactions) of stock transaction to 0.1% from 0.13%.
