Report proposes more research spend, scrapping stamp duty

The University of Hong Kong Business School suggested the government should increase research and development spending to create a knowledge-based economy.

A green paper by the business school and Hong Kong Institute of Economics and Business Strategy, proposed that stamp duty be canceled and rates be increased to 15 percent, or higher, while providing Hong Kong permanent residents with self-occupied owners exemption.

Rates are charged at a percentage of the rateable value. The current rate is 5 percent, according to the government's website.

The report also proposes that existing public housing units be sold to tenants.

Public education expenses should be increased to 5 percent of gross domestic product and research and development expenditure be raised to 2 percent of GDP, the report says.