Property-cooling measures here to stay: CY Leung
Tough policies to stabilise overheated property market remain a necessity
The government would neither relax nor withdraw its property-cooling measures as hot cash remained abundant in the global market, Chief Executive Leung Chun-ying warned on his blog yesterday.
His comment came a day after Financial Secretary John Tsang Chun-wah appealed on his blog to lawmakers to pass the bills for the property taxes that were introduced over the past few months.
"Some people in society and lawmakers want the government to lessen the measures, but we must be aware that it has not been easy to steady the market in the past year," Leung wrote.
The Legislative Council, now in its summer recess, has yet to pass the two bills for three new property taxes: the 15 per cent "buyer's stamp duty" to be levied on foreign and corporate buyers of residential flats; the "special stamp duty" against the resale of flats within 36 months, adjusted from 24 months; and the "double stamp duty" on all buyers of residential and non-residential properties, except Hong Kong permanent residents who don't already own a flat.
The taxes have already taken effect, with the bills to become retroactive if passed.
Lawmakers from the business sector have objected to the measures, and they plan to mobilise more opposition to the bills after the recess.