Jovanne Zee

Hong Kong Financial Secretary the Honourable Paul Chan delivered the 2024-2025 Budget on 28 February 2024. This article highlights a few aspects relevant to the real estate industry. With effect from 28 February 2024, buyers of residential properties are only required to pay ad valorem stamp duty at the scale shown below ranging from HK$100 up to 4.25% of the higher of the market value or consideration of the property. This rate is applicable to Permanent and Non-Permanent Hong Kong residents.

The Top Talent Pass Scheme (“TTPS”) is one of the many new measures announced by the HKSAR Government in the 2022 Policy Address which seeks to attract top talents with wealth of work experience and good academic qualifications from all over the world to explore opportunities in Hong Kong. The scheme allows a stay of maximum 24 months. During this period, the holder will be permitted to work in Hong Kong or establish a business in Hong Kong.

United Kingdom April 14 2022 On 23 February 2022, the Financial Secretary Mr. Paul Chan announced the rental enforcement moratorium for business tenants in the 2022-23 Budget (the “Budget”). The moratorium is intended to support small and medium-sized enterprises adversely affected by the fifth and by far the worst wave of the Covid pandemic in Hong Kong, but it has also attracted heated debate among local property owners.