The latest on Hong Kong property news states Cheung Kong Property Holdings first to provide 100% stamp duty to homebuyers.
CK Property is the second largest Hong Kong property developer when it comes to market capitalization. And despite the government’s efforts to control the demand for overseas properties in the country, Cheung Kong Property Holdings has declared 100% stamp duty for its home buyers. They also said that buyers of its Hong Kong property Crescendo Villa in Yuen Long will receive 30% of the flat’s value to compensate for higher stamp duties.
Cheung Kong Property Holdings executive director Justin Chiu Kowk-hung said, “We aim to help buyers purchase their own homes instead of diluting the impact of government curbs to cool the market.”
Since November 15, the government increased second-home purchase transactions to 15%. Aside from the already existing 15% stamp duty, non-permanent residents will have to pay a mandatory 15% buyers stamp duty.
CK Property recently announced that the first 30 Crescendo villas with sizes ranging from 1,476 square feet to 1,950 square feet will be priced at HK$ 22.08 million to HK$37.63 million. Eight of these villas will receive a 100% stamp duty subsidies but full details have yet to be reported.
The 76 Crescendo Villas are located at 75 San Tam Road, Ngau Tam Mei. Without CK’s stamp duty exemption, non-permanent residents of these Hong Kong properties will be paying stamp duties of about HK$6.6 million to HK$11.2 million.
Asia Pacific chief executive of Centaline Property Agency Louis Chan said that not all Hong Kong property developers will follow what CK Property did, but will only allow 70% stamp duty subsidy.
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