REDA pushes for lower stamp duty

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Stewart Leung, center, with Ricky Wong and Wheelock Properties assistant director and general manager, commercial, Phoebe Yee. WHEELOCK PROPERTIES
Stewart Leung, center, with Ricky Wong and Wheelock Properties assistant director and general manager, commercial, Phoebe Yee. WHEELOCK PROPERTIES

Themis Qi

The Real Estate Developers Association has called on the government to lower the stamp duty for first-time home buyers to help young people get on board the property ladder, ahead of the budget to be released on February 26.

Stewart Leung Chi-kin, who chairs the REDA as well as developer Wheelock Properties, said the stamp duty cut would boost the local economy, which he thinks should be the city's priority amid global uncertainties.

The government expects to record a deficit of about HK$100 billion for the ending in March, marking a third consecutive year of deficits.