PRESS RELEASE

(Source : Information Services Department)

     The Government welcomed the passage of the Stamp Duty (Amendment) (Residential Properties) Bill 2023 by the Legislative Council today (January 31), which implements the adjustments to the demand-side management measures for residential properties as announced in the 2023 Policy Address, including (a) shortening the applicable period of the Special Stamp Duty from three years to two years; (b) reducing the respective rates of the Buyer's Stamp Duty (BSD) and the New Residential Stamp Duty (NRSD) from 15 per cent to 7.5 per cent; and (c) providing a mechanism for the suspension of payment of the BSD and the NRSD for incoming talent' acquisition of residential properties in Hong Kong (i.e. the Suspension Mechanism).
 
     The Secretary for Housing, Ms Winnie Ho, said, "The Government has been adopting a pragmatic approach to continuously evaluating the residential property market situation. The adjustments to the demand-side management measures under the Bill are made by the Government having regard to the overall situation, and the Government will continue to closely monitor the residential property market to ensure its healthy and steady development."
 
     The relevant adjustments to the demand-side management measures came into effect on October 25, 2023, in accordance with the Public Revenue Protection (Stamp Duty) (No. 2) Order 2023 published in the Gazette on the same day, i.e. the adjustments are applicable to instruments or agreements executed or made on or after October 25, 2023.