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Don't Expect Hong Kong's Vacant-Home Tax to Cool Prices

Don't Expect Hong Kong's Vacant-Home Tax to Cool Prices

Hong Kong’s plan to tax unsold new apartments may have little effect on the city’s red-hot housing market. Taming Hong Kong’s property boom has been one of the biggest challenges for the city’s lawmakers, who’ve unveiled a series of measures in recent years to cool the market. With the latest rules, apartments left unsold for more than six months will be taxed at twice the annual rental income, or about 5 percent of the unit’s value.