The Financial Secretary, Paul Chan, delivered a new Budget today (Feb. 26). Chan announced that in order to alleviate the burden of purchasers of residential and non-residential properties of lower prices, the ceiling of property value for stamp duty of HK$100 will be raised from HK$3 million to HK$4 million with immediate effect, which is expected to benefit about 15% of property transactions, and reduce government revenue by about HK$400 million a year.
Based on a property value of HK$4 million, the stamp duty will be reduced from HK$60,000 to HK$100, which is a significant saving of 99%.
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