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Re-tabling of stamp duty bill studied

November 19, 2017

The Government is observing the macro environment to consider when it will re-table the Stamp Duty (Amendment) Bill 2017 at the Legislative Council.

 

Financial Secretary Paul Chan made the statement to the media at the airport before departing for Beijing today.

 

Debate on the bill was postponed last month to finish discussion on the co-location arrangement for the Guangzhou-Shenzhen-Hong Kong Express Rail Link.

 

Mr Chan noted that during the previous debate some lawmakers said the six month time limit for a stamp duty refund was too much of a rush for homebuyers.

 

He said the Transport & Housing Bureau is considering lawmakers' suggestion to extend the time limit to nine months, or 12 months from the date of sale of a new property.

 

He added an extension should not be viewed as a loosening of the current property controls.

 

When asked about a residential site in Cheung Sha Wan which sold at a record price, Mr Chan said the fact several local and Mainland developers formed a consortium to buy the site shows they observed potential risks in the housing market.

 

He reminded homebuyers to beware of risks and to study their finances before purchasing.



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