Non-citizens and second-home buyers stand to benefit from the 7.5% stamp duty cut to fuel a key sector revival.
Pro-democracy rallies in 2019, Covid shutdown, mass emigration, and national security concerns have depleted one of Asia’s most vibrant cities.
Mass pro-democracy protests in 2019, the Covid lockdown, the emigration of tens of thousands of residents and unease over a national security crackdown have all sapped energy from one of Asia’s most vibrant cities. Lee’s primary focus was on stimulating Hong Kong’s economy, which contracted 3.5% last year, and luring back international businesses and capital at a time when the local stock market has struggled and families have sold flats and moved abroad.
“We should pay particular attention to those anti-China and destabilising activities camouflaged in the name of human rights, freedom, democracy and livelihood,” he said. Other adjustments were made to allow some home owners to sell properties after two years without incurring hefty duties. Hong Kong had tried to cool the property market during a surge of nearly 300% in home prices in the decade to 2019. Since then prices have fallen 13%.