Govt Decides To Impose Vacancy Tax: Sources

Friday June 08, 2018.

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2018-06-08 HKT 18:54

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Government data shows there were 9,000 such units as of March. Image: Shutterstock

Sources say the government has decided to impose a vacancy tax on property developers that hold on to completed units.

There has been a sharp increase in the number of unsold completed flats since the third quarter of last year. Government data shows there were 9,000 such units as of March.

Two thousand had been completed between 2011 and 2015.

On Monday, the Financial Secretary Paul Chan said the government had almost completed its study on the new tax. He also said the tax will not affect existing home owners.

It is understood that the new tax will apply to all sizes of flats but details still need to be hammered out.

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