Aerial drone view of Cha Kwo Ling Village in the Kwun Tong district on 17 October 2019. Cha Kwo Ling village has been named as one of the villages in the 2019 Chief Executive's Policy Address, that is suitable for high-density housing development. Photo: May Tse
Opinion
Opinion
Concrete Analysis
The many flaws of Hong Kong’s vacancy tax may lead to unintended consequences for the real estate market
- The proposed vacancy tax requires units to be provided to employees as staff accommodation, which means they are liable for taxes if they are used as holiday homes even if they are fully occupied throughout the year
- Many developers, to facilitate better management of their businesses, usually set up special corporate vehicles for property holdings. These corporate vehicles may not employ any staff
Aerial drone view of Cha Kwo Ling Village in the Kwun Tong district on 17 October 2019. Cha Kwo Ling village has been named as one of the villages in the 2019 Chief Executive's Policy Address, that is suitable for high-density housing development. Photo: May Tse