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Last month the Hong Kong government, concerned about a property bubble, raised stamp duties and tightened mortgage lending.
When Osborne raised stamp duty, his prime objective was increasing revenue – and all of the increase has come from the capital.
In addition, the government raised stamp duty again on property purchases worth more than £250,000.More important, lower cash borrowing costs do not necessarily cut the real expense of paying off a mortgage at all.
Likewise, the Hong Kong government raised stamp duties on purchases of luxury flats Wednesday and announced plans to increase the supply of housing in a bid to cool the property market.
In the 2012 Budget, the coalition raised stamp duty on sales of properties with a higher value than this to 7%.
In last year's Budget, the coalition raised stamp duty on sales of properties worth more than £2m to 7% and increased the levy on properties bought via a company to 15%.
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It lost about $2 billion over the last two years despite raising stamp prices.
The latest figures reflect efforts to raise revenues, from levying VAT on fizzy drinks in Maharashtra to raising stamp duty.Things could still sour.
* * * George Osborne's decision to raise stamp duty for buy-to-let landlords will cost tenants an extra £55 a month in rent, according to Kent Reliance.
George Osborne's decision to raise stamp duty for buy-to-let landlords will cost tenants an extra £55 a month in rent, according to a December report by Kent Reliance, a banking service.
HONG KONG — Hong Kong is raising stamp duties and trying to restrict home loans, officials said Friday, to cool down a real estate market that has some of the most expensive apartments in the world.
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