Singapore's government imposed a new transaction tax in the form of an Additional Buyer's Stamp Duty (ABSD) on developers who fail to sell all units within 5 years for projects that commenced after 2011. We find significant evidence that the ABSD shock triggers rational responses by private developers, who cut prices to clear unsold housing units. Developers of the ABSD-affected projects strategically cut prices by 2.8% to sell units in year 5 relative to other projects that are not subject to the ABSD. We also find that the treatment effects come mostly from three groups of developers, which include large developers, small project developers and local developers. Liquidity constraints and differential reference points are two potential channels that drive the differential price cutting responses of developers to the policy shock in the housing market.

新加坡政府以额外买方印花税 (ABSD) 的形式对那些未能在 5 年内出售 2011 年后开始的项目的所有单位的开发商征收新的交易税。开发商降价清理未售出的房屋。与不受 ABSD 影响的其他项目相比，受 ABSD 影响的项目的开发商战略性地将价格降低 2.8%，以在第 5 年出售单位。我们还发现，处理效果主要来自三类开发商，包括大型开发商、小型项目开发商和本地开发商。