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.
Tenders will open next month for a luxury residential site in Ho Man Tin, estimated to be worth more than HK$10 billion.Saturday, 29 December, 2012, 4:37am 1 comment
Sun Hung Kai Properties, Hong Kong's largest developer, will cut the number of "super luxury" features in its new projects as cashed-up buyers retreat following the introduction of the anti-speculation tax in late October.28 Dec 2012 - 4:14am
May Zheng is a rarity among Wenzhou citizens. The 25-year-old is still considering buying a flat in Hong Kong despite seeing the property market in her hometown collapse.
"Since we are homeowners already, we cannot buy more flats in our hometown Wenzhou because of the government's purchase restrictions," Zheng said.23 Dec 2012 - 5:26am 1 comment
Steps, but no strides, in poverty battle
The problem of poverty in Hong Kong has been in the spotlight again recently, but it has to be asked what our government is doing about it.
The city's Gini coefficient reached "a record high" of 0.537 last year ("One in six people struggling with poverty in city", November 14).22 Dec 2012 - 1:57am 2 comments
Private developers are threatening to stop redevelopment projects, claiming the government's new anti-property speculation taxes will render property acquisition unprofitable.22 Dec 2012 - 3:51am 15 comments
Hong Kong's real estate industry has grown rapidly in the past thanks to the city's famously non-interventionist economic approach.
But those heady days appear to be over with one of the biggest brakes on players' profits now government policy, according to Real Estate Developers Association (REDA) chairman Stewart Leung Chi-kin.21 Dec 2012 - 3:46am
A Hong Kong buyer has bucked the real estate market's weak sentiment by splashing out for a detached house on the city's south side.21 Dec 2012 - 4:25am
The government will maintain its new buyer’s stamp duty on local corporate buyers of flats, the housing minister told reporters after an Exco meeting on Tuesday.18 Dec 2012 - 3:24pm
A tenant who agreed to pay HK$850,000 a month for a 6,000-square-foot duplex flat at Opus Hong Kong on Stubbs Road near the Peak has cancelled the deal amid tightening housing policies that have curbed property demand.18 Dec 2012 - 2:58pm
Your Monday Face interviewee Lui Che-woo projects the usual hackneyed tycoon opinion that Hong Kong must remain "business as usual" and nothing must get in the way of property company profits ("Capitalising on opportunity" December 10).18 Dec 2012 - 2:20am