"I think they blame the nonresident buyers, mainly from China's mainland, for driving up the prices of residential properties in Hong Kong," said Francis Lun, managing director of Lyncean Holdings in Hong Kong. "But any kind of control is not good. You will distort the market. The key is to increase the supply."The tax will also apply to companies to close a loophole that has seen companies buying up residences and then transferring them to nonresidents.
Global Stocks Fall; NYSE Closes Trading Floor
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