News: Pro-b #US iness legislators have sharply criticised the government for ref #US ing to exempt companies from paying the double stamp duty when they buy commercial properties. During the second reading of the bill, Liberal Party co #UN cillor James Tien said the double stamp violates the principle of a free market and he would support all amendments that could water down the measure. Legislator Abraham Shek, who represents the real estate and construction sector, said that since the government introduced what he called the emergency measures in late 2012, home prices had gone up by 35 percent, and transactions on residential properties had dropped significantly. He said the double stamp duty will hurt Hong Kongs economy. The Financial Secretary John Tsang said the measure, introduced in February last year, had been effective in controlling property prices. He reiterated that the higher stamp duty would not hurt the territorys competitiveness. Mr Tsang urged lawmakers to enact the legislation. . #hk #hknews
Posted on: Fri, 11 Jul 2014 05:33:44 +0000
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