Prelude to the Best Sommelier of Canada Contest | SaltWireHONG KONG - Hong Kong is expected to announce lower stamp duties for some property transactions in an annual policy statement on Wednesday that will focus on stabilising an economy hurt by mass emigration from the city and economic weakness on the mainland.
The business community and home-owners want the government to roll back decade-long cooling measures that aimed to curb speculative activities in one of the world's priciest markets. "Even if the government reviews and relaxes certain stamp duty measures in the future, although this may bring stability and restore some confidence among potential buyers during the downward cycle, we believe that property prices will continue to fluctuate for a while," said Rosanna Tang, Hong Kong head of research at Cushman & Wakefield, a property consultancy.Last year, Lee announced measures to attract top international talent to the city.