HK gives cash vouchers, cuts tax for home buyers

Steep measures: Shops having their sales in the central district of Hong Kong. The city unveiled a HK$761bil (RM430bil) budget, plunging into the coffers to foot the bill for the recession-hit city’s post-Covid recovery. — AFP

HONG KONG: Hong Kong will give out more cash vouchers to consumers and cut the tax rate for first-time home buyers as the government looks to lift the economy out of its pandemic slump.

Residents eligible for spending vouchers will receive HK$5,000 (US$637 or RM2,822) this year, financial secretary Paul Chan said in a speech outlining the city’s budget for the 2023 and 2024 fiscal year.