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Vacancy Tax Approved

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  1. #1

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    Vacancy Tax Approved

    The top advisers to Hong Kong leader Carrie Lam Cheng Yuet-ngor on Thursday approved several new policies aiming to relieve the city’s housing crisis, the Post has learned.

    The package includes: unlinking the pricing of government-subsidised housing from market rates; introducing a vacancy tax on newly built but unsold flats; and building affordable housing on five prime sites originally reserved for private developers to build luxury homes.

    A source said the vacancy tax was proposed to be twice a home’s rateable value. The rateable value is the estimated annual rental value of a flat, calculated by government specialists and based on market rates.

    Executive Council approves several new policies including vacancy tax and sites for affordable homes in bid to relieve Hong Kong’s housing crisis | South China Morning Post

  2. #2

  3. #3

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    - De-coupling affordable flats from private market prices should of happened years ago. But there are so few and such restrictions on resale the lottery winners don't really impact the market
    - Who gets to choose when the building / apartment is complete and the vacancy tax kicks?

  4. #4

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    Meh. If the government really want to cool the market they could do it tomorrow..

    One person = maximum two home.
    Must be PR to purchase.

    Happy Guy and Kus Kus like this.

  5. #5

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    Quote Originally Posted by SpeakCantonese:
    Meh. If the government really want to cool the market they could do it tomorrow..
    Most people believe this don't they?

    Quote Originally Posted by SpeakCantonese:
    One person = maximum two home.
    I would suggest capital gains tax on an property that is not your principle home - Where you live. And capital gains tax on any property bought by a business.

    Quote Originally Posted by SpeakCantonese:
    Must be PR to purchase.
    This makes no sense. Can a non-resident export the home?

  6. #6

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    Twice the ratable value? What's that, a vacancy tax for ants? The tax has to be higher than the property appreciation to make any difference.

    z754103, JAherbert, MandM! and 2 others like this.

  7. #7

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    Quote Originally Posted by East_coast:
    Who gets to choose when the building / apartment is complete and the vacancy tax kicks?
    hmmmm.........many years ago buildings were never "finished" in Greece, they left some rebar exposed on the roof ready the next floor therefore the owner could move in, live in the house, but never had to pay the tax. I am sure HK developers already have some plans

  8. #8

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    Put a land tax on properties - 0.5-1.0% of land value or something, regardless the construction stage. This will put an end to empty flats rather smartly.


  9. #9

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    let's not forget the government will only put this kind of rule because they know it won't work. That's their way of saying, but we tried!

    TheBrit and Gatts like this.

  10. #10

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    Not sure what time they're supposed to announce it today. A beer to the person who spots the most obvious loophole.


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