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Hong Kong’s plan to remove tax waivers threatens wealthy landlords

24 11 25

HONG KONG’S government is considering the removal of billions of dollars worth of tax exemptions in a proposal that threatened to deal a blow to housing developers and major landlords.

On Tuesday, the Legislative Council received a plan for developers and rich owners of multiple properties to receive fewer concessions on tax rates.

According to the South China Morning Post, under the new plan, the concessions would be granted on one property per owner, unlike the current approach whereby they receive a rebate for each property owned.

The proposal came amid allegations that the government favours the wealthy with the concessions and the trend among private developers in hoarding unsold flats.

SEE ALSO: Super-rich spend most for Hong Kong’s ultra-prime........

© Asian Correspondent