Hong Kong recorded a drop in the sales of homes with a value over HK$100 million to 13 transactions in March, according to a report by Bloomberg on Thursday.

The city had seen 28 such deals in January, according to property database EPRC, Bloomberg said.

The decline reportedly came about following a rise in stamp duty on deals for residential properties valued over HK$100 million in its budget in February to 6.5% from 4.25% previously.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)