Hong Kong cuts taxes for foreign home buyers and stock traders as it seeks to maintain global status

By KANIS LEUNG
Associated Press

HONG KONG (AP) — Hong Kong’s leader has cut taxes for some homebuyers and stock traders to boost markets as the city seeks to maintain its reputation as a global financial hub. Chief Executive John Lee said the extra stamp duties imposed on non-resident buyers and current local homeowners looking to buy additional properties would be halved. It’s the first easing over the past decade since property cooling measures were introduced. He also unveiled plans to reduce stamp duty on stock transactions to 0.1% from 0.13%, saying a vibrant stock market is vital to upholding the city’s status as a financial hub. Hong Kong has been wrestling with the mass departure of residents in recent years, triggered by a crackdown on pro-democracy activists and the now-rescinded strict COVID-19 mandates.