Hong Kong pushes new tax on developers to try to lower housing costs

HONG KONG: Hong Kong is pushing ahead with a vacancy tax in the hope that a more affordable property market could help quell anti-government protests.

The government has gazetted the so-called vacancy tax proposal -- an official procedure a bill must go through before being introduced into the Legislative Council.

The government is prioritizing the bill and said it would submit it in the first regular Council meeting after the new legislative session begins.