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Mar 08, 2024 10:28 AM
CX DAILY

CX Daily: Hong Kong Embarks on Economic Makeover

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Properties around the Ha Tsuen and Hung Shui Kiu areas of Hong Kong. Photo: VCG 
Properties around the Ha Tsuen and Hung Shui Kiu areas of Hong Kong. Photo: VCG 

Hong Kong /

In Depth: Hong Kong embarks on economic makeover

Hong Kong has set in motion an ambitious strategy to revive growth, aimed at diversifying from a property-focused economy to fostering more sustainable and high-value growth sectors.

As part of a sweeping plan to restore confidence and bolster the ailing property sector, Financial Secretary Paul Chan announced in his budget speech on Feb. 28 that cooling property measures to curb housing demand would be abolished immediately. These include the special stamp duty, buyer’s stamp duty and new residential stamp duty — introduced one after the other from 2010 to curb speculative investments as Hong Kong’s property prices soared.

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