Will Hong Kong's tax tweaks end its real estate slump?

Mainland Chinese hesitant to buy property in regional financial hub

20231206 Hong Kong skyline file photo

Hong Kong's property market continues to struggle as interest rates rise and capital flees in search of safer investments. © Reuters

WEN SIMIN and GUO XIN, Caixin

Rescue measures intended to coax mainland Chinese to purchase residential property in Hong Kong have failed to woo buyers, as the financial hub's property market slump deepens.

It comes six weeks after Hong Kong Chief Executive John Lee tweaked official housing policy, lowering purchase duties and weakening disincentives against quick resales.

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