Hong Kong home prices end 13-month upswing as mainland Chinese tax fears weigh on demand
Hong Kong’s lived-in home prices fell 0.46 per cent in July, halting a 13-month upswing, according to the latest official data. The index tracking second-hand homes slipped to 321.5 in July from 323 in June, Rating and Valuation Department (RVD) data showed on Thursday. It was the first decline in 16 months – since April last year. Prices were flat in May last year before climbing steadily for 13…
Hong Kong's home prices have ended a 13-month upswing amid concerns over mainland Chinese tax fears. The official data shows a 0.46% decline in July, marking the first decrease in 16 months. The primary worry stems from Beijing's crackdown on offshore wealth and the possible impact of a 20% personal income tax on certain returns earned by mainland Chinese residents from offshore assets, including Hong Kong insurance policies.
If applied to property income, mainland demand for Hong Kong homes and commercial real estate assets could slow, according to analysts.
Brief written by urgent.news from South China Morning Post's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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