This general view shows residential and commercial buildings in the Causeway Bay district of Hong Kong Island in Hong Kong on May 14, 2021. (ANTHONY WALLACE / AFP)

HONG KONG - The Hong Kong Special Administrative Region government has no plans to relax its stamp duty on property, a spokesman said on Tuesday.

In a statement on Tuesday afternoon, a spokesman for the Financial Secretary’s Office said there were no discussions on cutting the stamp duty that non-locals have to pay to buy property in the city. 

A spokesman for the Financial Secretary’s Office said there were no discussions on cutting the stamp duty that non-locals have to pay to buy property in the city 

Whereas permanent residents pay stamp duty of up to 4.25 percent on buying their first home, non-local buyers have to pay a total of 30 percent.

"Regarding reports that the government is considering the relaxation of stamp duties for property, the government clarifies that there has not been discussion on the matter, and points out clearly that there are no relevant plans," the spokesman said.

He issued the statement after media reports said that the government was considering relaxing the stamp duty to boost the economy. 

Shares of Hong Kong property developers fell back from highs after government's clarification. New World Development Co was still up 3.3 percent, but had risen by as much at 6.1 percent in the morning.

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Sun Hung Kai Properties was up 2.6 percent, while CK Asset Holdings and Henderson Land Development both gained over 1 percent.

With Agencies inputs