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HK housing authorities take measures to cool market


08:50, February 05, 2013

Hong Kong consistently ranks as one of the most expensive places to buy or rent a home in the entire world due to strong demand and a lack of supply. As such, the city’s land and property regulator have been tightening the over-heated property market through purchasing tariffs on non-residents.

This has caused an easing of interest from mainland property investors for Hong Kong real estate for the first time in nine-years. Analysts say, many mainland investors use arbitrage to cash their property in Hong Kong for hefty gains. --On top of home buying tariffs, Hong Kong authorities have also slapped extra tariffs on non-Hong Kong residents if they sell their properties within one month after purchase, in a bid to contain speculative buying. According to local research institutions, property prices in the city have increased by over 20 percent on the year.

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