4 reasons why Hong Kong’s new stamp duty can’t save Singapore’s property market

Bloomberg just published an article on ‘Hong Kong Property Tax May Help End Singapore’s Housing Slump’ (Bloomberg, Jan 19).

The journalist cites the remarks of a Cushman & Wakefield spokesperson that foreign buyers may turn to Singapore after the 15 percent increase (30 percent in total) of stamp duty in Hong Kong. This can benefit Singapore to end the slide of property prices this year, especially when the Chinese are looking for a safe haven to park their weakening currency.

The herd of local business and property media, including Business Times, Singapore Business Review, Yahoo News, PropertyGuru, The Edge Property and Property Report, immediately picked up this piece of ‘good news’ without much thought and came up with similar headlines of ‘Singapore to benefit from Hong Kong tax hike’, ‘Hong Kong’s loss in overseas buyers may be Singapore’s gain’, etc…

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