Hong Kong government’s plan to cool property market | Video

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Hong Kong government’s plan to cool property market | Video

(Updated: )

The Hong Kong government’s new plan to cool the property market has yet to clear the Legislative Council, but its effects are already showing.

Under the proposed vacancy tax announced in June, residential units left unsold for more than six months will be taxed at five per cent of their value. The government hopes the tax will compel developers to release new units and bring down prices. Wei Du reports.

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