Hong Kong to cut stock trade stamp duty to 0.1%, half home purchase tax to 7.5%
livemint.com(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) After the announcement of these measures, shares of two major residential property developers Sun Hung Kai Properties and Henderson Land eased 0.2% and 1%, respectively, in early afternoon trading. Additionally, stamp duties for stock transactions would also be reduced to 0.1% from 0.13% to help bolster liquidity in the Hong Kong market.
The market data fees would be cut later this year to help brokerages. Lee said Hong Kong would seek to strengthen its role as an offshore yuan centre and bolster financial ties to China, Reuters reported.
The government also plans to expand its campaign to attract top international talent, having drawn 160,000 applicants last year, of which 60,000 had already arrived, mostly from mainland China. A new entrant scheme for investors will also be introduced for those who invest at least HK$30 million ($3.8 million) in stocks, funds, bonds, excluding real estate, the report added.
Read more on livemint.com
