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Hong Kong (AFP) April 22, 2010 Hong Kong may hike a transaction tax on homes valued at or below 20 million Hong Kong dollars (2.57 million US dollars) to avoid the possibility of an asset bubble, an official said Thursday. A spokesman for the city's financial secretary John Tsang said the government was considering an increase in stamp duty similar to the one announced in February for homes over 20 million Hong Kong dollars. The earlier measure, which raised stamp duty from 3.75 percent to 4.25 percent, came into effect at the start of April. "There is always the risk of a property bubble developing," the spokesman said. The government would also hold several land auctions in the coming months to boost supply in the densely populated city of seven million, he added. The average property sale turnover in the first quarter was 11,100 transactions a month, a 20 percent surge over the preceding quarter, according to government figures. "I appreciate the public concern over the drastic rise in property prices," Tsang told the city's legislature on Wednesday. "Although the momentum in the property prices has slowed down a bit in recent months, the increasing risk of a property bubble cannot be ignored."
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