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.
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
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
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
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
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 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
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
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 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
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