13 May 2014 - The government today announced it may relax the policy relating to the Double Stamp Duty imposed on purchasers of property in Hong Kong. The policy, imposed in February 2012, has thus far required buyers to pay double stamp duty if they do not sell their existing unit within six months of buying a new unit.
This has been seen by many to be challenging for owners seeking to move or upgrade their homes, putting pressure that may force them to sell their old unit below market. This is especially difficult in the current environment where sales volumes are low.
The SCMP and The Standard both reported government sources stating that the government is considering extending the six month period by one to two months by moving the effective date for the duty calculation from the signing of a binding Sales & Purchase Agreement to the completion or conveyancing date.
