** Hang Seng Property Index .HSNP firms 3.1% after Hong Kong Financial Secretary Paul Chan's budget proposals for FY25-26
** Maximum value of properties chargeable to a HK$100 ($12.87) stamp duty will be raised from HK$3 mln to HK$4 mln
** Earlier, stamp duty for home transactions at HK$4 million was HK$60,000
** Sale of commercial land will be halted to absorb existing supply
** New World Development 0017.HK jumps more than 6%; Kerry Properties 0683.HK and Hang Lung Properties 0101.HK up around 4% each
** Sun Hung Kai Properties 0016.HK, Henderson Land 0012.HK gain more than 2% each; CK Asset 1113.HK slips 0.7%
** Real estate consultancy Knight Frank says raising maximum value of properties subject to HK$100 stamp duty may drive home transactions by 5%-10% as it facilitates young, first-time buyers
** Consultancy JLL says new supply of commercial buildings until 2029 will put upward pressure on vacancy rates
** Consultancy CBRE says budget has fewer policy measures aimed at directly boosting property demand
** Expects high financing costs, oversupply of properties to hinder meaningful increase in investment demand
($1 = HK$7.7709)
(Reporting by Clare Jim)
((clare.jim@tr.com))
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