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4/12 News Roundup: Stamp Duty Policy Tightened for Multiple Flats Loophole, Eight Regency to Announce Price List Later

Hong Kong Property | April 12, 2017

Stamp Duty Policy Tightened for Multiple Flats Loophole
The government has further tightened its housing policy by announcing yesterday that if a buyer acquires more than one flat using just one document, the properties will be subject to a 15% stamp duty. The move, which came into effect from midnight, is aimed at plugging a loophole in which locals can use the first- time buyer’s identity to evade 15% stamp duty by buying several flats with one document. Financial Secretary for Transport and Housing Anthony Cheung Bing-leung said transactions involving the acquisition of several flats with one document have gone up from an average 3.5% of the total transactions to 4.7% after the introduction of new cooling measures in last November. Secretary Paul Chan Mo-po cited figures showing the number of cases of buying multiple flats in one agreement had jumped from about 50 in February to about 180 in March.

Eight Regency to Announce Price List Later
Following the announcement of the tightened double stamp duty policy, Cheung Kong Property extended the sales hours for its residential projects, The Zumurud in Ma Tau Kok and Seanorama in Ma On Shan. Sun Hung Kai Properties has also delayed the launch of its price list for Eight Regency in Tuen Mun by one day to tomorrow. Meanwhile, Sun Hung Kai opened the show flat of Eight Regency yesterday and would open for public for the coming Easter holiday.

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