Special stamp duty revenues at record low

Special stamp duty revenues fell to a record low of HK$12.9 billion last year while the number of transactions plunged nearly 70 percent with fewer mainlanders buying and less corporate deals.

But the residential market performed well in the low interest rate environment.

Stamp duties for residential units surged 40.5 percent to around HK$12.9 billion in 2021 from 12 months previously, figures from the Inland Revenue Department show.

The department received HK$2.1 billion in special stamp duties in December - more than double in November - though the volume rose only 5.28 percent.

The clamor by Hongkongers for homes is also reflected in mortgage insurance statistics.

The number of loans drawn down last year advanced 28.5 percent year-on-year to 23,845 while the amount soared 34.8 percent to HK$132.5 billion. Both were new records, the Hong Kong Mortgage Corp states. The approved application figure as well as the money involved also set records, the HKMC data showed.

Back in the primary market, Henderson Land Development (0012) is expected to unveil a first price list as soon as this week for the Harmonie in Cheung Sha Wan.

Henderson will be responsible for the sale of 318 units out of the total 337 units and the other 19 will be sold by the Urban Renewal Authority.

A brochure is now available, said Thomas Lam Tat-man, a general manager in Henderson's sales department, and the first round of sales may take place before the Lunar New Year.

The 318 homes include two- and three-bedroom units, Lam added. Saleable areas are from 322 square feet to 457 sq ft.

Elsewhere, the embattled HNA Group chairman, Chen Feng, sold a 4,241-sq-ft house at Twelve Peaks on The Peak for around HK$390 million. That is about HK$116 million, or 23 percent, lower than the purchase price in 2015.