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Oct 26, 2023 07:04 AM
ECONOMY

Hong Kong Cuts Stock and Housing Taxes to Revive Role as Financial Hub

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Chief Executive John Lee detailed the measures Wednesday during the second policy address of his tenure
Chief Executive John Lee detailed the measures Wednesday during the second policy address of his tenure

(Bloomberg) — Hong Kong is slashing extra stamp duties for some homebuyers and reversing a pandemic-era increase in stock trade levies as officials seek to boost the beleaguered property sector and revive the city’s status as a financial hub.

Chief Executive John Lee detailed the measures Wednesday during the second policy address of his tenure. They included a highly anticipated move to cut taxes for homebuyers who aren’t from the city as well as for residents who already own property — the first changes to housing curbs in the decade since they were introduced.

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