A real estate agent on Austin Road in Tsim Sha Tsui, Kowloon. Richard Wong says that limiting speculation without harming the market adjustment process is a tricky process, adding that common measures such as transaction levies, capital gains taxes, and regulating loan-to-value ratios may help to eliminate short-term speculators, are not neutral in the long run. Photo: EPA A real estate agent on Austin Road in Tsim Sha Tsui, Kowloon. Richard Wong says that limiting speculation without harming the market adjustment process is a tricky process, adding that common measures such as transaction levies, capital gains taxes, and regulating loan-to-value ratios may help to eliminate short-term speculators, are not neutral in the long run. Photo: EPA
A real estate agent on Austin Road in Tsim Sha Tsui, Kowloon. Richard Wong says that limiting speculation without harming the market adjustment process is a tricky process, adding that common measures such as transaction levies, capital gains taxes, and regulating loan-to-value ratios may help to eliminate short-term speculators, are not neutral in the long run. Photo: EPA
Richard Wong
Opinion

Opinion

The View by Richard Wong

Opinion: Curbing speculators, and regulation are no guarantees of property market success

Why are investors still chasing yield when real estate prices are already so high?

A real estate agent on Austin Road in Tsim Sha Tsui, Kowloon. Richard Wong says that limiting speculation without harming the market adjustment process is a tricky process, adding that common measures such as transaction levies, capital gains taxes, and regulating loan-to-value ratios may help to eliminate short-term speculators, are not neutral in the long run. Photo: EPA A real estate agent on Austin Road in Tsim Sha Tsui, Kowloon. Richard Wong says that limiting speculation without harming the market adjustment process is a tricky process, adding that common measures such as transaction levies, capital gains taxes, and regulating loan-to-value ratios may help to eliminate short-term speculators, are not neutral in the long run. Photo: EPA
A real estate agent on Austin Road in Tsim Sha Tsui, Kowloon. Richard Wong says that limiting speculation without harming the market adjustment process is a tricky process, adding that common measures such as transaction levies, capital gains taxes, and regulating loan-to-value ratios may help to eliminate short-term speculators, are not neutral in the long run. Photo: EPA
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Richard Wong

Richard Wong

Richard Wong Yue-chim is the Philip Wong Kennedy Wong Professor in Political Economy at the University of Hong Kong