Meridian: Relaxing property stamp duty will help first-time home buyers in Hong Kong get on the property ladder.

mReferral Mortgage Brokerage Services Vice President Cao Deming responded to the budget proposal to relax stamp duty on properties. He stated that the adjustment to ad valorem stamp duty would primarily benefit first-time homebuyers, reducing their financial burden when entering the market. He believes that buyers of such properties would benefit the most, and suggested that potential buyers could use the funds originally allocated for stamp duty as reserve funds or for initial expenses. Cao Deming further mentioned that last year, the Hong Kong government relaxed loan-to-value ratios and suspended stress testing requirements, and now with the further relaxation of stamp duty, the property market will be stimulated. Additionally, some developers have recently been using low prices as a marketing strategy, which is expected to increase transactions for first-time homebuyers, thus gradually revitalizing the property market.