As part of efforts to cool the housing market, Hong Kong government has announced that the ad valorem stamp duty rates for residential property transactions will be increased to a flat rate of 15% for both individuals and companies. Currently, progressive rates up to 8.5% apply based on the consideration amount. The reduced rates for Hong Kong permanent residents that are not the beneficial owner of any other Hong Kong resident property at the time of acquisition will continue to apply. Subject to approval by the Legislative Council, the increased flat rate will apply for transactions executed on or after...