_Our Views on the 2026-27 Budget
William Lau, Senior Director, Head of Residential Agency, Hong Kong
Raising Stamp Duty on Luxury Homes
We do not support increasing stamp duty on high‑end residential properties at a time when the market remains in a correction phase and transaction volumes are still subdued. Although the adjustment applies only to transactions above HKD 100 million, representing around 0.3% of the overall market, raising the stamp duty rate from 4.25% to 6.5% would impose additional transaction costs at a time when sentiment has yet to stabilise. Higher costs are likely to weaken liquidity and dampen investment appetite in the luxury segment. Given the signalling role of the high‑end market, softer activity at the top end could also slow the broader residential market recovery.
By contrast, the introduction of the global minimum tax and the Hong Kong minimum top‑up tax for large multinational enterprise groups represents a more structural, long‑term revenue measure with limited direct impact on the local property market. We believe that tax measures affecting property transactions should be calibrated with careful regard to market conditions and policy timing to avoid constraining capital flows and investment activity before the market has fully stabilised.
Cyrus Fong, Executive Director, Head of Valuation & Advisory, Greater China
Residential and Commercial Land Supply
We support the Government’s prudent and flexible approach, as it addresses medium- to long-term housing demand while fostering the healthy and orderly development of the residential market.
In addition, the Government has decided not to put up general commercial sites for sale in the coming year to avoid adding pressure to the market. Meanwhile, the Hong Kong Investment Corporation’s collaboration with regional and international long-term investors to channel capital into high-quality commercial property projects which are aligned with Hong Kong’s industrial positioning, and to connect such projects with target industries, will help enhance asset quality and utilisation. This initiative will contribute to the long-term stability and sustainable development of the office market and related commercial assets.
Antonio Wu, Head of Capital Markets, Greater China
Strengthening Hong Kong’s Position as an Asset and Wealth Management Hub
We welcome the Government’s efforts to develop Hong Kong’s REIT market and enhance the city’s global competitiveness in asset and wealth management. These measures are expected to improve market flexibility and attract greater institutional participation, and drive demand for professional services, thereby providing crucial support to the commercial property sector.
In addition, we support the relaxation of stamp duty relief criteria for intra‑group asset transfers, which will facilitate corporate asset management and internal restructuring, further improving the overall business environment.
Adam Lee, Executive Director, Head of Planning & Land Advisory Services, Hong Kong
Expediting Northern Metropolis Development
We fully support the Government’s adoption of a public-private partnership and market-led approach to accelerate the release of underutilised private land in the Northern Metropolis, transforming it into large-scale, competitive industrial spaces and supporting facilities.
By enhancing land-use efficiency, this approach offers a clear and deliverable development platform for innovation and technology (I&T), advanced manufacturing and other high value-added industries – while also creating attractive and predictable investment opportunities for businesses.
We recognise that a tripartite collaboration mechanism – bringing together developers, technology or advanced manufacturing enterprises, and the Government – can more effectively integrate land, capital, technology and market resources. This mechanism shortens the time from planning to implementation and accelerates the commercialisation and scaling-up of R&D outcomes, thereby further strengthening Hong Kong’s industrial competitiveness.
The complementary development of the Hong Kong Park of the Hetao Co-operation Zone and the San Tin Technopole provides enterprises with a one-stop pathway from “R&D – pilot testing – mass production”, attracting both local and international companies to make medium- to long-term investment commitments.
We also support increased government capital investment and the introduction of market forces, alongside infrastructure improvements and enhanced support for start-ups and growth-stage companies. At the same time, facilitating the seamless flow of people, capital, goods, and data between Hong Kong and Shenzhen will further strengthen cross-boundary collaboration in the I&T sector.
We look forward to working with the Government and stakeholders to seize the opportunities presented by the Northern Metropolis and jointly advance I&T industrialisation and Hong Kong’s high-quality economic development.