Hong Kong Home Prices Set to Plunge on Policy ChangeBy
Stamp duty increased to 15% for all residential transactions
New measures expected have an immediate impact, analysts say
Hong Kong leaders’ surprise move to cool the world’s least affordable home market is set to spur an immediate plunge in prices and transactions as buyers and sellers hit the pause button.
Louis Chan, chief executive of the residential unit of Centaline Property Agency Ltd., sees transaction volumes plunging by 60 percent to 70 percent in the next three months, and now expects a 5 percent to 8 percent drop in prices, after previously projecting an increase in that range. Ricacorp Properties Ltd.’s Willy Liu said transactions will drop 30 percent to 40 percent in the next two months and prices will fall 5 percent…
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