15 per cent stamp duty | South China Morning Post
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15 per cent stamp duty

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.

 

Cooling measures reining in residential market, says Tsang

Hong Kong feels impact of new measures as it seeks to cool surging housing prices, fueled by record-low interest rates and Chinese investment. Photo: Bloomberg

Price-cooling measures introduced in October are proving effective at reining in the overheated residential market, Financial Secretary John Tsang Chun-wah said on Monday.

Monday, 3 December, 2012, 3:03pm

Letters to the Editor, December 1, 2012

Xi Jinping must now fight corruption. Photo: Reuters

The Real Estate Developers Association (REDA) showed its true colours when it wrote to the government asking for so-called luxury flats of more than HK$30 million to be exempt from the new stamp duty ("Developers want luxury flats to be exempt from tax", November 24).

1 Dec 2012 - 2:41am

Hong Kong's car park space speculators face falling profits

The introduction of a buyer's stamp duty, and a special stamp duty in the residential market achieved its aim of driving speculators out of the overheated residential market. But they have turned to speculating on car parking spaces, sending prices soaring as a result.

28 Nov 2012 - 3:13am

Hong Kong property market deals near low for the year

The model of The Reach, a residential project jointly developed by Henderson Land and New World Development at Yuen Long. Photo: Sam Tsang

Home sales in Hong Kong dipped to close to the year's low last week, with just 107 transactions recorded in the secondary market in the major 50 housing estates in Hong Kong.

Data from Ricacorp Properties, which monitors weekly sales in the estates, showed deal numbers for November 19 to 25 were down 32 per cent from the 157 deals recorded during in the previous week.

28 Nov 2012 - 3:13am

Hong Kong parking space prices zoom to record

Cheung Kong sold a spot for HK$1.3 million - the price of two vans. Photo: David Wong

The soaring price of a parking space in Hong Kong is raising fresh concerns that money flowing into the city could further inflate the red-hot property market.

26 Nov 2012 - 4:23am 3 comments

More questions raised over Franklin Lam's flat sales

Franklin Lam

More questions have been raised about executive councillor Franklin Lam Fan-keung's property dealings after it emerged that a flat he sold in Mid-Levels involved no property agent or commission.

A solicitor said it looked suspicious, but one explanation was that Lam sold the Casa Bella flat 14C to a friend without going through an agent to save the 1 per cent commission.

26 Nov 2012 - 4:23am

Developers urge tax exemption for luxury flats

Stewart Leung Chi-kin. Photo: Felix Wong

A powerful group that represents the interests of Hong Kong developers has urged the government to exempt the city's firms from its first property tax aimed at non-local and corporate buyers.

24 Nov 2012 - 3:45am

Four more ways officials break the spirit of Hong Kong's Basic Law

Chief Executive Leung Chun-ying addresses legislators at Legco Building in Tamar. The recent behaviour of the Hong Kong government appears to be in direct contravention of the Basic Law.

I confess I am not as familiar with Hong Kong's Basic Law as I probably should be.

I'm sure it's a worthy enough document. But 100 pages of constitutional promulgation is not my idea of an entertaining read.

23 Nov 2012 - 2:31am 16 comments

New World to keep pace on sales despite stamp duty

New World executive director Adrian Cheng says more than HK$5 billion has been made from property sales since July. Photo: Sam Tsang

New World Development does not plan to change its timetable for property sales despite the impact of the new buyer's stamp duty on demand from those who are not permanent residents.

"We need time to monitor the impact of the duty on the property market," executive director and joint general manager Adrian Cheng Chi-kong said after the company's annual general meeting yesterday.

22 Nov 2012 - 3:39am

Hong Kong home sales bounce back after dip following rise in stamp duty

Second-hand home purchases in Hong Kong's 50 housing estates rose by almost a third last week, after a decline over the previous four weeks. Data complied by the property agent Ricacorp Properties showed 147 flats registered during the week from November 12 to November 18, a 31 per cent rise on the 112 flats registered in the previous week.

21 Nov 2012 - 3:18am

Hong Kong's rising luxury flat prices make it third priciest city in the world

Hong Kong has become the third most expensive city in the world for luxury apartments. Photo: EPA

Hong Kong has jumped two places to become the third most expensive city in the world for luxury apartments after a sharp rise in prices this year.

The latest survey by Global Property Guide, a US online property research website, put the average price of luxury apartments in Hong Kong at US$1,893 (HK$14,674) per square foot in November.

21 Nov 2012 - 5:38pm

Resale stamp duty fails to halt flat sales as profits keep rising

A special stamp duty intended to discourage the resale of flats within two years of purchase lost its effect after just 16 months, official statistics show.

17 Nov 2012 - 4:15am

Property curbs will not slow SHKP sales

Co-chairman Raymond Kwok and Thomas Kwok say SHKP will keep to its sales schedule. Photo: Felix Wong

Sun Hung Kai Properties will not slow the pace of its sales programme even though fresh curbs have led to a sharp fall in home sales and a softening of property prices.

16 Nov 2012 - 2:47am

Risk of property price bubble justifies new stamp duty

Our government should be given credit for recognising the dangers of Hong Kong's property price bubble and doing something about it.

15 Nov 2012 - 2:35am

Agencies put expansion on hold as flat sales fall

Willy Liu Wak-keung, chief executive at Ricacorp Properties

A sharp decrease in home sales since the release last month of another round of measures aimed at cooling the the property market forced property agencies put their expansion plans on ice.

14 Nov 2012 - 3:22am