With the new Policy Address approaching in September, the Real Estate Developers Association of Hong Kong (REDA) has submitted its recommendations to the government. Keith Leung Chi-kin, Chairman of the Executive Committee of REDA, recently stated in a radio interview that they have proposed raising the property value limit for the $100 stamp duty to $6 million, up from the current $4 million.<\/p>\n
Leung Chi-kin believes that while this change might lead to a short-term decrease in stamp duty revenue, the potential increase in transaction volume would offset this loss, resulting in no long-term reduction in government income. He also suggested that for investment immigration, the cap on residential property purchases should be increased from the current $10 million to $20 million. This would allow a larger portion of a $50 million or more property purchase to be counted towards the investment threshold.<\/p>\n
Regarding the property market outlook, he noted that the market has shown signs of recovery over the past two months. He anticipates that property prices will rise by 4% to 5% between now and the end of the year, expecting the market to improve as the economy recovers.<\/p>","protected":false},"excerpt":{"rendered":"
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