Hong Kong’s big talent hunt: John Lee offers refund of hefty property tax to non-locals who stay
- Change of stamp duty rule will let non-local buyers get back more than a quarter of property price
- No limit set for scheme to woo high-fliers, graduates of world’s top universities to work in city
Top talent from mainland China and overseas who move to Hong Kong, buy homes and put down roots will get a refund on a hefty chunk of property tax many have criticised as unfair.
Non-locals will now be able to get back almost all of it – equivalent to more than a quarter of the price they paid – if they remain in Hong Kong for more than seven years and obtain permanent residence.
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Breaking down Hong Kong chief executive John Lee's policy address
The higher stamp duty was introduced years ago to discourage property speculation, but non-locals, including those from mainland China, have long complained that it is unfair to them.
At a press conference after his speech, Lee said he hoped the change would not cause property prices to spike.
“We need to attract talent, but we also understand that local families need to save for many years to afford a home. So we had to balance these two factors,” he said.
A government source said the main aim of allowing non-locals to get a refund was to encourage talented outsiders to put down roots in Hong Kong.
