To rein in the city's runaway housing prices, Hong Kong's Financial Secretary John Tsang Chun-wah announced an additional 15 per cent stamp duty on non-permanent-resident and corporate buyers starting from October 27, 2012. The move prompted speculation over the effectiveness of taxation on the real estate market and criticisms that Hong Kong was turning away from its roots as a free market economy in favour of a more protectionist market environment.
The number of new residential mortgage applications slumped 30 per cent last month from the previous month as the government's measures to cool the property market started to bite, the Hong Kong Monetary Authority said.Tuesday, 29 January, 2013, 5:11am
An accounting institute has predicted that government revenue will not be badly hit by the two new stamp duties introduced late last year, forecasting instead a budget surplus of HK$25.6 billion for the 2012-13 financial year.11 Jan 2013 - 4:41am
At the end of October, the Hong Kong government slapped a punitive 15 per cent stamp duty on all non-resident and corporate buyers of residential properties in an attempt to make homes in the city more affordable for locals. More than two months later, we are beginning to get a taste of how the policy is working.10 Jan 2013 - 7:33am 6 comments
Kerry Properties' three residential projects this year are unlikely to be hit by the new stamp duty, according to Chu Ip-pui, the executive director of Kerry Real Estate Agency.7 Jan 2013 - 4:31am
Sun Hung Kai Properties yesterday priced the first 50 flats at The Wings II project at HK$10,688 per square foot, about a third lower than it originally intended, and also cheaper than the inaugural 50 flats the project's first phase sold in 2011.5 Jan 2013 - 5:09am
Home sales fell last month to their lowest level since late 2008, at the start of the global financial crisis, indicating government measures have succeeded in curbing demand.
The number of residential transactions plunged 53.3 per cent to 3,286 from November, while the total value tumbled 59.1 per cent to HK$17.2 billon, data released by the Land Registry yesterday showed.4 Jan 2013 - 4:13pm
Two sites for tender in Sha Tin and Sai Kung could net the government up to HK$2.4 billion, but developers have turned cautious following the introduction of the latest cooling measures, Ricacorp Properties says.2 Jan 2013 - 4:24am
Property stamp duties announced at the end of October are leaving deep scars in Hong Kong's housing market, with sales activity plunging about 70 per cent and prices retreating.2 Jan 2013 - 5:18am
Happy Holidays to all.
The new year is traditionally a time to take a look at how things have gone in the past 12 months and vow to start afresh.1 Jan 2013 - 5:36am
Flats initiative a short-term measure
I was delighted by the government's announcement on Monday, December 24, that it planned to boost land supply [in the coming quarter] for the construction of 3,000 new apartments.31 Dec 2012 - 3:23am 3 comments