HONG KONG, May 13 (Reuters) - Hong Kong needs to keep its property cooling measures due to tight supply, the government said on Tuesday, but added that it planned to give residents who wished to upgrade more time to sell their old property in a bid to save on tax.
The proposed scheme exempts residents who wish to upgrade their homes from paying stamp duty of as much as 8.5 percent if the old property is sold within six months of signing a formal agreement, rather than when the preliminary deal was agreed.
Chan Ka Keung, the secretary for financial services and the treasury, said on Tuesday the timeframe for selling old homes could be extended to give people more time to offload their old property and save on paying additional tax.
He did not not provide further details. (Reporting by Yimou Lee and Donny Kwok; Editing by Anne Marie Roantree and Clarence Fernandez)