Business & Industry

Hong Kong Executive Council announced the new vacancy tax on June 2018. The levy gives developers 12 months after a new building’s occupation permit is issued to sell or lease out all the units. After this grace period, the vacancy tax will be levied at the rate of 200% of the unsold homes’ rateable value. Chief Executive Carrie Lam said that “The purpose of the new vacancy tax is not to dent soaring housing prices, but aiming to adjust the supply structure of the real estate market”.