Stamp duty on property purchases in Hong Kong was increased on the 23 rd of February in an attempt to cool the real estate market.

Stamp duty rates for property valued at less than HK$2m (£170,000) will by 1.5%, while the rates for properties worth above that level will be doubled, to up to 8.5% of the property value.

This applies to both individual and corporate buyers, but does not apply to first home purchases by Hong Kong residents in a bid to allow local home makers to enter the market.

Additionally, the Hong Kong Monetary Authority has also tightened mortgage lending requirements and maximum loan to value ratios for all types of properties have also been lowered.

Since October 2009, the Hong Kong government has taken a series of steps to curb prices, including a 15% property tax on foreign buyers, mortgage restrictions and taxes on quick re-sales. However, home price pressures have continued to pose policy challenges for officials.