Tax to be imposed on idle flats in Hong Kong
June 12, 2018 - Hong Kong
The Government of the Hong Kong Special Administrative Region has decided to impose a vacancy tax on property developers that hold on to completed units.
There has been a sharp increase in the number of unsold completed flats since the third quarter of last year. Government data shows there were 9,000 such units as of March. Two thousand had been completed between 2011 and 2015.
On Monday, the Financial Secretary Paul Chan Mo-po said the government had almost completed its study on the new tax. He also said the tax will not affect existing home owners.
It is understood that the new tax will apply to all sizes of flats but details still need to be hammered out.
Source : thestandard.com.hk
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