(Budget 2024-25) Hong Kong scraps all ‘spicy measures’ on property market

Financial Secretary Paul Chan Mo-po announced on Wednesday that all spicy measures imposed on the property market are to be scrapped with immediate effect, saying that “relevant measures are no longer necessary amidst the current economic and market conditions.” 

That means starting from today (Wed) Special Stamp Duty (SSD), Buyer’s Stamp Duty (BSD) and New Residential Stamp Duty needs not to be paid for any residential property transactions. 

“We consider that there is now room to make further adjustments to the relevant measures and other supervisory policies pertinent to property lending where appropriate, under the premise of maintaining the stability of the banking system,” Chan said. 

The Hong Kong Monetary Authority will make announcements later today.