China Day Ahead: Reserve Ratio Increase; Hong Kong Real Estate
Hong Kong intensified a yearlong battle to curb surging home prices with additional taxes and higher down payments a day after the International Monetary Fund warned that asset inflation may derail the city’s economy.
Homes sold within six months of purchase will incur a 15 percent stamp duty from Nov. 20, Financial Secretary John Tsang said in a briefing. Down payments for homes costing HK$12 million ($1.5 million) or more will rise to 50 percent, from 40 percent. A stock gauge of developers in Hong Kong fell for the eighth day in nine ahead of the announcements.