Financial Secretary John Tsang has called for lawmakers to approve the double stamp duty bill, saying it will effectively cool the non-residential property market.
Briefing reporters at the Legislative Council today, Mr Tsang said property prices for offices, factories and shops have been under control since the extra duty was introduced last year.
Speaking on legislators’ amendments exempting the extra duty for certain commercial property transactions, Mr Tsang said he did not understand why they believe such exemptions will not reignite the property market, adding there is a lack of data to support such thinking.
He said he believes lawmakers have good faith in raising these amendments, but he urged them to reconsider their impact on the property market.
On the residential market, Mr Tsang said the Government has been closely monitoring the situation.
He reminded buyers to monitor mortgage rates, as they may rise at the end of the year.
