Hong Kong’s plan to impose tax on vacant new apartments might have limited effect on hot housing market of the city, Bloomberg reports.

News about tax were issued last Friday. This measure aims to increase supply at the least affordable housing market in the world.

However, experts, including Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co., think that it will not stop price rally.

Regulatory authorities already took a whole range of measures in recent years to cool hot market. However, they have not succeeded so far, since demand growth exceeded chronic shortage of supply. As a result, housing prices grew more than 50% over last five years.

According to new rules, apartments that are not sold over six months will be subject to duty equal to twice annual rental payment or about 5% of value. Analytics think that this level will not be a problem for developers, since share of value is too small, and prices grow too fast.

The tax is also lower than in Singapore, where rate is 4% for the apartments vacant for two years, however, it rises to 12%, if apartment is empty during four years.