Democratic Party Backs Vacancy Tax 'in Principle'

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2018-06-14 HKT 11:04

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• Democratic Party backs vacancy tax 'in principle'

The chairman of the Democratic Party, Wu Chi-wai, says his party supports the idea of imposing a tax on vacant property held by developers.

His comment comes after Chief Executive Carrie Lam said on Wednesday that the government will announce a decision on the matter by the end of this month.

The tax is expected to target newly-completed flats that are left unsold after a certain period of time.

Wu said lawmakers from his party will have to look into the rate of the tax and the mechanism used before deciding how they will vote on it in Legco.

"The Democratic Party will support the principle. But of course, the details of the tax, we still have to scrutinise in further details."

Fellow party member James To had earlier described the tax as a mere gesture, or window dressing, and said the government should instead take up the responsibility of boosting land supply.