May 2017 - More Property Cooling Measures

[blackwings]

Aspen Crest in Wong Tai Sin was trying to sell at "30%" discount. Guess the restriction on mainland outflow is starting to affect. Apparently no more swiping those Union pay cards freely.

On the other hand, novum west is trying to sell a slightly over 200 sqft flat at over freaking 6 million. No discounts because it is on HK island and close to HKU. That was their selling point.

Meanwhile there is more empty eerie looking flats in my place of interest for rent. Apparently again, those are sitting there vacant until their price rises.

I feel very sorry for the young Hongkongers. No wonder, the youth rate of suicide is high - high pressure to succeed. One told me that public housing is going to take forever to get if they are single.

[TheBrit]

The Housing Minister is now proposing to legalise subdivided flats. You couldn't make this up.

Hong Kong housing minister pushes for subdivided flats to be managed by NGOs under pilot scheme | South China Morning Post

[jgl]

But look at how happy those people are in the photo. It shows the government cares.

Reminds me of this: https://geoexpat.com/forum/24/thread344183.html

[TheBrit]

But look at how happy those people are in the photo. It shows the government cares.

Reminds me of this: https://geoexpat.com/forum/24/thread344183.html

We really are led by incompetent fools. The housing crisis in Hong Kong has simple solutions but our Government is unable to execute them.

[shri]

Wait... in the mean time, the cooling measures are ...

Investments at home and from abroad for Hong Kong homes have showed no sign of slowing as the government’s revenue from extra stamp duty – aimed to cool the property market – rose to a seven-month high of HK$3 billion (US$384 million) in June, according to official data.

Among them, tax revenue from DSD surged 37 per cent to HK$2.22 billion in June, compared with HK$1.62 billion in May.

Hong Kong stamp duties hit HK$3b in June, highest in 7 months | South China Morning Post

[WMDS]

Fantastic, more income tax discount next year!

[Elegiaque]

We really are led by incompetent fools. The housing crisis in Hong Kong has simple solutions but our Government is unwilling to execute them.

Fixed that for you...

[East_coast]

We really are led by incompetent fools. The housing crisis in Hong Kong has simple solutions but our Government is unable to execute them.

Surely the government is very skilled at ensuring it stays in control. That is its principle aim.

High land sales tax means the developers who are paramount to the Legco and the CE nominating committee stay on side. They also make sure large swathes of the population are kept in government controlled housing that rely on the DAB for allocating funding

[UK/HKboy]

The Housing Minister is now proposing to legalise subdivided flats. You couldn't make this up.

Hong Kong housing minister pushes for subdivided flats to be managed by NGOs under pilot scheme | South China Morning Post

Idiots! wheres the long term thinking?

[East_coast]

Hong Kong tightens screw on borrowers of multiple loans as property market overheats | South China Morning Post

Isn't a bigger problem the flight of money from China?

Investing in property is not easily traceable but the tax authorities in China and even with the pending 'sharing' of tax info coming soon residential property is off the list of assets.

It is not just HK that see the outflow of money.

Chinese buying of US residential property hits record high | South China Morning Post

A couple of changes in the law would solve the issue

1) Vacant properties should be taxed more
2) Overseas property investments must be made declarable in China