Hong Kong’s leader has cut taxes for some homebuyers and stock traders to boost markets as the city seeks to maintain its reputation as a global financial hub
FILE - Hong Kong Chief Executive John Lee speaks at a reception following a flag raising ceremony for the celebration of 74th National Day of the People's Republic of China at the Golden Bauhinia Square in Hong Kong on Oct. 1, 2023. Lee on Wednesday, Oct. 25, cut taxes for some homebuyers and stock traders to boost markets as the city seeks to maintain its reputation as a global financial hub.
After the easing of COVID-19 restrictions, Hong Kong’s economy has begun to recover, fueled by growth in tourism and private consumption. The city’s economy expanded 2.2% in the first half of 2023 year-on-year and is expected to grow between 4% and 5% for the full year. Official data showed a 15% year-on-year drop in home prices last December and a 39% yearly decline in the volume of residential property transactions in 2022.
Foreign professionals working in Hong Kong on eligible visa programs are no longer required to pay extra property stamp duties arising from their non-permanent residency unless they fail to become permanent residents later. “The relaxation of cooling measures is only a band-aid solution that is unlikely to reverse the downward trend of home prices,” Tsang said in a statement.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong Cuts Housing, Stock-Market Taxes in Bid to Boost Global Standing -- UpdateBy Ben Otto Hong Kong will cut taxes on home purchases and stock trades, part of efforts to revive its credentials as a financial hub and boost a struggling...
Read more »
Analysis: China holds the key to Hong Kong's shrinking stock marketHong Kong's efforts to revive its shrinking stock market are mere stopgap solutions, as analysts say a reversal in fortunes for Asia's premier financial hub would not be possible without a major improvement in China's economic prospects.
Read more »
Analysis-China holds the key to Hong Kong's shrinking stock marketAnalysis-China holds the key to Hong Kong's shrinking stock market
Read more »
Asia markets mixed after recent sell-off, but Hong Kong poised to fallAustralia’s business activity contracted in October, while Japan’s factory activity will be released later Tuesday. South Korea’s October…
Read more »
Wash. state senator arrested in Hong Kong for having gun in airportThe gun apparently hadn't been detected at a TSA security checkpoint in Portland, Oregon. Wilson reported the gun to customs at the Hong Kong Airport.
Read more »
State Sen. Jeff Wilson arrested at Hong Kong airport for gun in luggageA Washington State Senator was arrested at the Hong Kong airport for a gun in his luggage.
Read more »