Hong Kong scraps property taxes; as Country Garden faces winding-up petition

Hong Kong (AFP) Feb 28, 2024

Hong Kong has axed all property transaction taxes in a bid to revive the depressed housing market, finance minister Paul Chan said in his annual budget speech Wednesday. The finance hub's economy was initially buoyed by China's post-pandemic reopening but recovery has since slowed and residential property prices are at a multi-year low. Chan said Hong Kong would scrap three types of stam