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  • Dec 29, 2014
  • Updated: 5:23am
NewsHong Kong

Cooling measures to stay despite property agents’ complaints

PUBLISHED : Wednesday, 11 September, 2013, 6:52pm
UPDATED : Wednesday, 11 September, 2013, 11:17pm

Chief Executive Leung Chun-ying said on Wednesday he had no plans to withdraw or relax measures introduced early this year aimed at cooling down Hong Kong's property market.

There have been recent calls by property agents for the scrapping of the cooling measures, which they say have hit their businesses but have had little effect on curbing prices.

Leung, who gave a speech at a luncheon on long-term housing organised by the Coalition of Professional Services in Wan Chai on Wednesday, also said that these measures needed to be maintained because Hong Kong’s property prices had continued to increase despite the introduction of the measures.

Any form of exemptions or tax rebates could weaken our power to cool the market
Leung Chun-ying

An average monthly increase of 0.4 per cent was recorded for flat prices between March and July, he said, adding that the measures had stabilised a "quite exuberant” market.

Leung said it would not be good to exempt certain parties – such as charity organisations and companies owned by Hong Kong permanent residents – from the stamp duties.

“Any form of exemptions or tax rebates could weaken our power to cool the market,” the chief executive said. “[Exemptions] would also weaken our ability to prevent the property bubble expanding, which could affect the stability of the city's financial system and macro-economy.”

He added that the sales rules in the measures were in line with the government’s greater policy of prioritising Hongkongers’ demands when allocating resources during shortages.

Housing is a major issue in our society. Other social and political issues cannot be resolved without solving the housing problem
Leung Chun-ying

“Housing is a major issue in our society. Other social and political issues cannot be resolved without solving the housing problem,” he said.

The three cooling measures introduced by the government are a 15 per cent “buyer’s stamp duty” levied on foreign and corporate buyers of residential flats; a “special stamp duty” against the resale of flats within 36 months, adjusted from 24 months; and a doubling of the stamp duty on all buyers of residential and non-residential properties, except Hong Kong permanent residents who don’t already own a flat.

The measures were introduced in February, although lawmakers have yet to pass the bills for them. The bills will become retroactive if passed. The taxes have already taken effect.

 

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This article is now closed to comments

anniecheungyh@hotmail.com
!!!Don't Give Any Credits to that 'CY' said in Keeping 'Ginger Tactics'!!!
He is the One whom Never want 'Ginger Tactics' for its 'EVIL" Intention as 'CE'...
If providing some Chances/Excuses existed, Will that 'CY' be the First One to Release...
DisGuisedly Reluctantly.
WHY!!!
Right from its Start as 'CE', that 'CY' already Manipulates up-pushing SkyRocketing HK's
Land & Property - Pricing that Out-Exceeds 97's Level at Least 50%!!!
If not be temporarily Stopped by 'Ginger Tactics', forcely Formulated & Implemented
by Financial Secretary & Monetary Authority...Scientifically & Statistically.
Even any 'CE' can't Reject, not to mention that 'CY'!!!
WHY!!!
Damages to Stability of HK's Financial System!!!
In Fact...That 'CY' is its "EVIL" Originator...
DisGuisiedly said in Looking for More Land Supplies for Ease of HK's Housing Needs...
But...
Without Simultaneous Action in Lowering already SkyRocketing HK's Land & Property -Pricing.
InEvitably UnCovering...
Its Only Intention is Squeezeing-Out/Selling-Off HK's Most Treasured - Lands, within Shortest Time,
for Self/Others Profiteering, thru various Abuses of Power in its Position as 'CE'.
Classic Examples...
Ex-Railway Minister's Incident in MainLand, as well as, AuManLun's Incidents in Macau.
We Are Seeing Thru You...!!!
DON'T FURTHER DECEIT CENTRAL CHINA GOVERNMENT & HK's PEOPLES!!!
IMMEDIATE DISMISSAL of that 'CY' !!!
layleng
Wow. That first post. What a lunatic. Albeit derisively funny.

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