View Poll Results: how to solve the housing problems in Hong Kong?

Voters
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  • Government should stop selling lands to the highest bidders

    4 40.00%
  • Abolish small house policy of the New Territories

    3 30.00%
  • Beef up Lands Resumption Ordinance

    5 50.00%
  • Revitalise industrial buildings

    3 30.00%
  • Reinstate Rent Control

    2 20.00%
  • Capital Gains Tax for real estate transactions

    1 10.00%
  • Building more artificial islands

    3 30.00%
  • Reclamations

    2 20.00%
  • Review Landlord and Tenancy (Consolidation) Ordinance

    0 0%
  • Hong Kong is too crowded; review immigration policy

    7 70.00%
  • End crony capitalism

    2 20.00%
  • None of the above; please specify

    1 10.00%
Multiple Choice Poll.
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how to solve the housing problems in Hong Kong?

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  1. #11

    Join Date
    Oct 2010
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    Quote Originally Posted by East_coast
    There should be capital gains tax for businesses buying property
    That isn't how capital gains taxes work. Maybe you meant selling?
    East_coast likes this.

  2. #12

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    Yes I meant selling but first they must buy before they sell. I don't think you should add capital gains tax on properties already purchased.


  3. #13

    Join Date
    Jan 2018
    Posts
    366

    1. Look at the number of residents vs the number of jobs and the incomes these jobs provide

    2. Marry the numbers to those residents who should be having families, but are unable to leave their 600 sqft homes which they share with their parents, grandmother and two other siblings

    3. Build new housing capacity

    4. Provide this capacity to the younger people based on age and financial need

    5. Upgrade poor conditioned buildings to maximize livable area and remove illegal structures

    6. Reclaim properties from uncooperative landlords of derelict buildings. Give them a free unit in the upgraded buildings - most landlords do not deserve their assets nor do they have the financial savvy to manage such an asset

    7. Increase interest rates

    8. Tighten foreign ownership laws across the island

    9. For people who need to show off, reserve areas for the fat cats (oh wait, this already exists)

    10. Hard cap on property prices in regular areas. Transparent transaction prices to shilling can be avoided.


  4. #14

    Join Date
    Jul 2004
    Posts
    3,192
    Quote Originally Posted by East_coast
    Yes I meant selling but first they must buy before they sell. I don't think you should add capital gains tax on properties already purchased.
    Introducing capital gain tax with retroactive effect is anyway uncommon and unfair so not a question on that but why do you propose tax on businesses only, lot of individual investors have been buying multiple properties on individual/family member's name, why not make it uniform for all!!!

  5. #15

    Join Date
    May 2015
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    410

    Why has Singapore solved this problem long ago? Because the government actually gives a shit about the future.

    TheBrit and Hkemail888 like this.

  6. #16

    Join Date
    Oct 2010
    Posts
    18,917

    A 100% capital gains tax on property should remove speculators from the market quite effectively. Get rid of the special stamp duties at the same time.

    Couple this with an aggressive build of new apartments and the Government would be providing homes for residents rather than playthings for speculators.

    Hkemail888 likes this.

  7. #17

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    Quote Originally Posted by nivantj
    Introducing capital gain tax with retroactive effect is anyway uncommon and unfair so not a question on that but why do you propose tax on businesses only, lot of individual investors have been buying multiple properties on individual/family member's name, why not make it uniform for all!!!
    Companies are used as vehicles to avoid tax. There are probably a few tweaks needed but at the moment the rules seem to benefit those with capital ever widening the wealth gap.

  8. #18

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    The number one thing that needs to be done is take supply out of the hands of politicians

  9. #19

    Join Date
    Jan 2014
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    479
    Quote Originally Posted by East_coast
    The number one thing that needs to be done is take supply out of the hands of politicians
    yes, you are right.

    There should be an independent agency which regulates land supply. It should be chaired by a senior counsel (with construction or surveying background). Most of its members should be independent surveyors with no conflict of interests to property developers. Other members can be one banker, one economist, two academic surveyors, two solicitors, two former civil servants, etc.

    The Chief Executive may appoint the LegCo members representing (a) Architectural, Surveying, Planning and Landscape, and (b) Real Estate and Construction to the agency, but these appointments may be controversial.

    Ex officio members should include senior civil servants from lands department, planning department, CEED, housings departments, etc...

    Staff from Housing Authority and Housing Society have the right to attend, make representations and receive papers as may be necessary.
    Last edited by nivek2046; 16-10-2019 at 12:13 PM.

  10. #20

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