International Insights, Global Perspective

Hong Kong's 2026-27 budget raises stamp duty on residential properties above HKD 100 million from 4.25% to 6.5%, while introducing a stamp duty waiver for non-residential property transfers into REITs—a dual signal of fiscal tightening and market development.

Japan's Tax Commission has proposed a major overhaul of real estate inheritance tax valuations, replacing traditional government-assessed values with purchase-price-based methods adjusted for market trends—effectively closing the infamous "tower mansion" loophole.