Oh dear. Populist nonsense
Government should stop selling lands to the highest bidders
Abolish small house policy of the New Territories
Beef up Lands Resumption Ordinance
Revitalise industrial buildings
Reinstate Rent Control
Capital Gains Tax for real estate transactions
Building more artificial islands
Review Landlord and Tenancy (Consolidation) Ordinance
Hong Kong is too crowded; review immigration policy
End crony capitalism
None of the above; please specify
Germany's rent control seems better than US or Canada's..
see BGB ss 556 to 561..
Last edited by nivek2046; 15-01-2020 at 11:10 PM.
Finally, no more +25% rent, that would be great, HK is already the most expensive real estate market on the planet with one of the lowest relative purchasing power. What HK doesn't lack is greed.
(1) Stop selling land to private developers for 5 years.
All lands for the next 5 years should be built for public housings only (eg, home ownership schemes)
(2) Significant Increase of profit tax for the big corporation for at least 5 years
Hong Kong is the king of crony capitalism. Income inequality is among the highest in the world.
(3) Increase stamp duty for real estate transaction
For set off the short fall in land premium, there should be significant increase of stamp duty for all real estate transaction, especially for sellers.
(4) Non HK resident cannot buy property for 5 years
(5) overhaul of one-war permit system
(a) reduce from 150 to 75; (b) wife with young children will be given priority; (c) people with advanced degrees and special skills will be given priority.
(6) overhaul of public housing application
Household entirely composed of HK permanent residents will have priority; households with one member of non-permanent resident will have to wait on a separate queue....
(7) Rent control a la Germany
Stepped rent, Indexed rent, Increase in rent up to the reference rent customary in the locality, Form and justification of the rent increase, Approval of a rent increase, List of representative rents, Expert list of representative rents, Rent database... see BGB ss 556 to 561..
Last edited by nivek2046; 16-01-2020 at 11:01 AM.
I don't how politically feasible some of your suggestions are. Like stop selling land to private developers for 5 years, that seems like a non-starter. The real estate sector is too powerful as a vested interest group to tolerate that. Yes, the mainland is pressuring the HK government to do more to alleviate the livelihood issues facing Hkers, but taking such direct measures against powerful developers seem beyond the capability and willpower of the HK government.
Last edited by Coolboy; 16-01-2020 at 10:57 AM.
Increase land supply, develop brownfield areas, and introduce collective sale thresholds to permit and incentivise redevelopment (although this last should only be allowed after some mechanism to deter rapacious Developers and have accountable government).