Proposed Hong Kong Vacancy Tax Is Limited in Scope and Impact
Last Friday, the Hong Kong government announced a package of new measures to address the worsening housing affordability issue in the city. In particular, the government proposed a new property tax on vacant first-hand private residential units. Owners of such units with occupation permits issued for longer than 12 months, yet not occupied or rented for more than six months during the past 12 months, will be subject to a special rate that is 200% of the property's ratable value, or roughly 5% of...Kerry Properties is an investment holding company. Through its subsidiaries and associated companies, Co. is engaged in property development, investment and management in Hong Kong, the People's Republic of China (the PRC) and the Asia Pacific region; hotel ownership in Hong Kong, and hotel ownership and operations in the PRC; and integrated logistics and international freight forwarding. The two principal activities of Co. and its subsidiaries are property business and logistics business. The property business is further segregated into the PRC property, Hong Kong property and Overseas property.
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