Hong Kong mulls tax on unsold apartments to curb soaring prices

Carrie Lam, Chief Executive of Hong Kong, smiles as she attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 26, 2018. REUTERS/Denis Balibouse

HONG Kong is considering imposing a tax on unsold apartments in its search for ways to cool the city’s red-hot housing market, a move that could unlock the supply of empty homes being hoarded by developers.

Financial Secretary Paul Chan said on an online talk show on Thursday that the number of unsold units had increased significantly so far this year, from the 9,500 vacant new homes at the end of 2017, without providing the latest number. He said the tax would probably need to “have a particular target, and not apply across the board”.