Shouldn't there be plenty of profit motive if building were easier? There are plenty of low rise buildings that could be redeveloped, and there is plenty of land if the permitting could be done faster.
Rent controls
Price controls
compulsory acquisitions of industrial buildings which fail to revitalise
Higher Stamp Duties and SSDs for non-HK residents
Vacancy tax
30% profit tax for property developers
Government should stop selling lands to the highest bidders
Restrictive immigration and visa policies
HKSAR policymakers on housing should not own any house in Hong Kong
End crony capitalism in Hong Kong
some of the above
all of the above
all of the above?
Shouldn't there be plenty of profit motive if building were easier? There are plenty of low rise buildings that could be redeveloped, and there is plenty of land if the permitting could be done faster.
There needs a few measures. But they need to follow a certain order to make sure they work.
- Set up taxes for new buyers
- Arrange it so it is difficult for travel to and from Hong Kong
- Wait for a global economic slowdown
- Implement measures which encourage emigration
- Lower permitted leverage ratios for property developers in Mainland China
- Let the fire sale from the liquidity crunch lead to a collapse in property values
- Profit (or loss)
But I don't see any government realistically doing all that.
Hk property is played like the stock market.. so psychological weakness can lead to sudden rush of selling..
The Evergrande episode exhibit CCP's intention in suppressing real estate prices in SZ/GZ and i am sure HK. Easiest is to cut out fund flows into hk for property purchases..
https://hk.news.yahoo.com/%E6%94%BF%...214500597.html
The wife having owned apartments in Shenzhen, this has been in one form or another for a long time. Sometimes it's tax, sometimes price control. That is why you have the official price, then the " just stick the rest in an envelope" price. The banks will only lend on the official price. So cash fills the gap, literally.