Property Tax

As China drafts property tax law, fate of pilot programme up in the air

A trial property tax in Shanghai has failed to cool down home prices. Photo: Xinhua

The mainland has started drafting a property tax law, but analysts are not sure whether it means a pilot programme already in place for three years will be suspended.

Wednesday, 12 March, 2014, 2:40am

Cooling measures fail to hold down home prices in top-tier cities

Buyers look at models of new residential developments for sale in Beijing. Home prices in Beijing and three other major cities rose more than 20 per cent in November. Photo: EPA

Home prices in the mainland's top-tier cities will keep rising on strong demand, and local governments will be cautious in taking any further tightening measures so as not to crush the market, analysts said.

17 Jan 2014 - 4:39am

Stamp duty increase provokes protests

Property tax will double on sales over HK$2 million if the government's bill is approved. Photo: Sam Tsang

More organisations and individuals have joined the chorus of criticism against the doubling of stamp duty on the purchase of commercial properties, ahead of a meeting with lawmakers today.

It could become prohibitively expensive for businesses to buy their own premises to avoid high rental costs, the Royal Institution of Chartered Surveyors said.

7 May 2015 - 12:48pm

Tax reforms long overdue

Around half the people in Hong Kong do not own their home, this group consisting mainly of the young and the less well off, who are further burdened by high rents and high property prices. Photo: Bloomberg

The middle class and our youth are effectively paying the highest taxes. The government prefers to generate revenue from selling land for high prices, which further drives up property prices. This will only shift wealth from the middle class further to landlords, the rich, including property developers; worsening the wealth gap.

9 Jun 2013 - 2:40am 1 comment

Foreign chambers of commerce hit out at doubling of Hong Kong stamp duty

Manulife paid HK$191 million more to purchase its new tower in Kwun Tong.

Chambers of commerce that represent hundreds of foreign firms in Hong Kong are voicing unhappiness at the recent doubling of stamp duty on commercial property purchases.

7 May 2015 - 12:48pm 1 comment

Plan to extend property tax trial upsets investors

Plans to impose a property tax in more cities have added uncertainty to a market already wary of further cooling measures. Photo: Bloomberg

Shares of mainland property stocks fell across the board yesterday after the top economic planning agency indicated "concrete action" would be taken this year to extend a trial property tax to more cities.

25 May 2013 - 2:53am

China developers' profits fall as debt rises

China Vanke is ranked as the most competitive developer in the study.

Mainland developers recorded higher debt ratios and falling net profit last year amid stringent controls on the housing market, a survey has found. The research, which surveyed 184 mainland developers, all listed in Hong Kong, Shanghai or Shenzhen, was conducted by the China Real Estate Research Association, China Real Estate Association and China Real Estate Appraisal.

25 May 2013 - 5:24am

Market changes call for stamp duty alternative

The current Buyers Stamp Duty is effective in a rising market, whereas cooling prices require a different approach. Photo: Bloomberg

The current Buyers Stamp Duty (BSD) is only really effective in a rising market and a more equitable form of tax such as a Capital Gains Tax (CGT) now needs to be planned for and implemented as a replacement as the market corrects.

7 May 2015 - 12:48pm 1 comment

Beijing considers property tax to curb home market

Wen Jiabao. Photo: Xinhua

The central government has issued a fresh warning that it will roll out a property tax trial across the nation to rein in any sharp rises in home prices. In the latest sign that it remains determined to keep the lid on prices, the State Council announced yesterday after a meeting chaired by outgoing Premier Wen Jiabao that it would stick with austerity measures to ensure healthy growth of the housing sector. The warning comes in the wake of recent price rises.

21 Feb 2013 - 5:19am

Letters to the Editor, December 29, 2012

Chief Executive Leung Chun-ying. Photo: Sam Tsang

Property tax can stamp out 'dirty dealings'

I refer to the report ("Sparks fly in talks on new taxes", December 22).

It is evident that major property developers' old ways of enabling redevelopment projects will no longer work.

29 Dec 2012 - 1:45am

Mainland growth may exceed target

Mainland growth may exceed target

China's economic growth may accelerate to 8 per cent next year, with the new leadership maintaining macroeconomic policies but focusing more on promoting social equality.

8 May 2015 - 9:48am

City could suffer from steep levy

If Hong Kong wants to close its doors to this market, then international business will have no option but to relocate to where that market is. Photo: EPA

Hong Kong has for many years traded on the idea that it is Asia's global city, a welcoming home and gateway for foreign business to work in China and Southeast Asia.

It is the equivalent of London for Europe, New York for North America and Dubai for the Middle East.

6 Nov 2012 - 2:25am

Italy's tourist resorts hit hard by property slump

House prices in recession-hit Italy's tourist resorts, such as Capri, fell more than in the biggest cities this year due to investors' concerns about the economy and higher property taxes, a research institute said.

10 Oct 2012 - 2:21am

Tax panic hits French property market

A flood of top-end properties are hitting the market as business people seek to leave France before stiff tax rises hit, real-estate agents and financial advisers say.

8 Oct 2012 - 2:29am

Let's cut plot sizes to a minimum

Government Holds Land Auction. Photo: Bloomberg

With half of the city's new flats supplied by a few major developers, small to medium-sized property companies want more small plots auctioned off to help them compete against their bigger rivals.

SCMP, October 3

4 Oct 2012 - 2:36am 1 comment

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