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11/19/2010-- Hong Kong intensified a yearlong battle to curb surging home prices with additional taxes and higher down payments a day after the International Monetary Fund warned that asset inflation could derail the city’s economy.

Homes sold within six months of purchase will incur a 15 per cent stamp duty from today, Financial Secretary John Tsang said in a briefing yesterday. Down payments for homes costing $HK12 million ($1.5 million) or more will rise to 50 per cent, from 40 per cent. A stock gauge of developers in Hong Kong fell for the eighth day in nine ahead of the announcements.

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