Hong Kong to lower stamp duty on stock transfer

HONG KONG -- China's Hong Kong Special Administrative Region (HKSAR) will reduce stamp duty on stock transfer as part of efforts to bolster the stock market, HKSAR Chief Executive John Lee said Wednesday.

The stamp duty will be cut from the current 0.13 percent to 0.1 percent of the consideration or value of each transaction payable by buyers and sellers respectively, he said.

The target is to complete legislative procedures by the end of November, he added.