Hong Kong's New Property Tax Cuts Boost Home Sales

In the wake of tax cuts on property levies by the government, Hong Kong homebuyers are quickly seizing the opportunity, prompting developers to accelerate project launches and offer competitive prices to meet the surging demand. Wheelock Properties Ltd. experienced a remarkable response, selling 368 units in just a few hours on Saturday, marking the highest single-day sales since the tax policy change. The apartments were priced at a discount, further fueling the demand. As a result, the property market is witnessing a significant shift, with a growing preference for new developments over used flats among homebuyers.