More HK cooling measure announced

[Kanarazu]

http://news.yahoo.com/hong-kong-unve...9--sector.html

[radha08]

yawn...only benefit govt they get richer more taxes

[phantom_opera]

yawn ... yawn .... CM getting weaker .. how about having a break at Izola

[sgbuyer]

yawn ... yawn .... CM getting weaker .. how about having a break at Izola
[/IMG]

There's still a lot that regulators can do, for example, imposing additional special property taxes of 1-2% of capital value (not annual value) on people with more than 1 property.

Such a measure will be even more effective than stamp duty.

[hutsutau]

http://www.youtube.com/watch?v=afXVAXd9jrs

[hutsutau]

http://www.youtube.com/watch?v=afXVAXd9jrs

HONG KONG : Hong Kong unveiled fresh measures Friday to cool its red-hot property market, as the finance minister warned that an asset bubble is forming in the southern Chinese city.

Property prices in the Asian financial hub, famous for its sky-high rent, have surged over the past few years due to record low interest rates and a flood of wealthy people from mainland China snapping up homes.

The government last year implemented several measures to curb the rise, including an unprecedented bid to restrict the number of non-local homebuyers with a 15 percent property tax on foreign investors, but prices have continued to climb.

"The risk of an asset bubble is increasing," finance minister John Tsang told a news conference, after saying that residential prices had jumped 120 percent since 2008, while prices for commercial properties had also soared.

He announced higher stamp duties, with the top rate doubled from 4.25 per cent to 8.5 percent.

"Maintaining a healthy, stable property market will be our ongoing endeavour. We shall continue to monitor the market closely and I will not hesitate to introduce further measures when necessary," Tsang said.

The new measures come after investors this week flocked to buy 360 hotel suites sold by the leading property developer Cheung Kong Holdings, a firm controlled by Asia's richest man Li Ka-shing.

Recent measures to rein in soaring property prices have drawn some investors away from traditional markets, sparking a craze in investing in alternative real estate markets, such as hotel rooms, car parks and offices.

Hong Kong's leader Leung Chun-ying said last month that tackling the housing crisis was a top priority for his government, as he promised to increase land supply to boost the number of new homes.

Hong Kong's property prices have risen to become some of the world's highest in recent years, pushing home ownership beyond the reach of many of its seven million inhabitants and fuelling discontent towards the Beijing-backed city government.

- AFP/ch

[sherlock]

Shifting the buyers from HK to Sin again... and Sin announces higher ABSD

And so the cycle goes on and on and on.... yawn

[heehee]

Not effective your way. They should just:
1) ban all PRs from owning HDB flats (since HDB resale flats in bubble stage with $1m HDB flat that is already >20 years old!)
2) ban all foreigners & PRs from renting out their properties (they should buy for own use only & not to profit from it & deprive citizens from buying!)
3) Remove all penalties on citizens! Remember, they should give favoritism to citizens isn't it?

There's still a lot that regulators can do, for example, imposing additional special property taxes of 1-2% of capital value (not annual value) on people with more than 1 property.

Such a measure will be even more effective than stamp duty.

[sgbuyer]

Not effective your way. They should just:
1) ban all PRs from owning HDB flats (since HDB resale flats in bubble stage with $1m HDB flat that is already >20 years old!)
2) ban all foreigners & PRs from renting out their properties (they should buy for own use only & not to profit from it & deprive citizens from buying!)
3) Remove all penalties on citizens! Remember, they should give favoritism to citizens isn't it?

No need ban lah. Like that how to make money?

Just impose a flat rate 1.5% property tax on capital value for all PR and foreigners. Government laughing all the way to the bank, can collect at least $2 billion extra tax a year.

1 million flat $15,000 property tax a year! This is a killer, I guarantee many PR will start selling their HDB. Better than any stamp duty.

[Kanarazu]

Shifting the buyers from HK to Sin again... and Sin announces higher ABSD

And so the cycle goes on and on and on.... yawn

Yep, if this shifts the demand over to SG we will also come under pressure to do likewise.

[roly8]

Shifting the buyers from HK to Sin again... and Sin announces higher ABSD

And so the cycle goes on and on and on.... yawn

yea..

SG will collect all the leftover..

[sherlock]

Not effective your way. They should just:
1) ban all PRs from owning HDB flats (since HDB resale flats in bubble stage with $1m HDB flat that is already >20 years old!)
2) ban all foreigners & PRs from renting out their properties (they should buy for own use only & not to profit from it & deprive citizens from buying!)
3) Remove all penalties on citizens! Remember, they should give favoritism to citizens isn't it?

This one I double like. My sentiments exactly

[sherlock]

yea..

SG will collect all the leftover..

Leftovers eat already will have stomach ache and indigestion thats what we'll been feeling lately

[phantom_opera]

I will bet sooner or later SPR will not be able to buy anything and become rental slaves

[kane]

Time for us to come up with another CM.

[sgbuyer]

Time for us to come up with another CM.

I think the govt should impose the same cm on commercial and industrial properties. There's no reason not to do so, especially when HK is doing it.

[hutsutau]

I think the govt should impose the same cm on commercial and industrial properties. There's no reason not to do so, especially when HK is doing it.

singapore should have cooling measures on landed property

[teddybear]

This i strongly agree! They should have done that years ago (>2 years ago!) to cool commercial and industrial properties' prices and rentals! Remember, rental of industrial properties have gone up by 40% within last 4 years! Heard some people saying same for rental of retail properties, rental gone up 35%-70% within last 4 years!

However, not easy though because many GLCs REITs involved in those sectors doing rental business and not sure whether they will lobby against that and whether they can succeed? (Since they are the ones jacking up the rentals!)

I think the govt should impose the same cm on commercial and industrial properties. There's no reason not to do so, especially when HK is doing it.

[phantom_opera]

Those REITs are biggest culprits in pushing up inflation
SPRs interest will be further sacrificed in next few CMs as SCs think most SPRs are rich

[sgbuyer]

This i strongly agree! They should have done that years ago (>2 years ago!) to cool commercial and industrial properties' prices and rentals! Remember, rental of industrial properties have gone up by 40% within last 4 years! Heard some people saying same for rental of retail properties, rental gone up 35%-70% within last 4 years!

However, not easy though because many GLCs REITs involved in those sectors doing rental business and not sure whether they will lobby against that and whether they can succeed? (Since they are the ones jacking up the rentals!)

If the government doesn't control the reits and commercial rental, the entire singapore will vote like punggol east in 3 year's time.

[minority]

maybe we should just go back to stone age then everyone happy. especially the MTB folks.

[kane]

Hot money will keep flowing to commercial properties until that loophole is plugged.

[heehee]

Who want to let gov earn money & benefit from it at expense of citizens? Definitely not me! So your suggestion is a big NO NO!
Should be the citizens benefit from it!

No need ban lah. Like that how to make money?

Just impose a flat rate 1.5% property tax on capital value for all PR and foreigners. Government laughing all the way to the bank, can collect at least $2 billion extra tax a year.

1 million flat $15,000 property tax a year! This is a killer, I guarantee many PR will start selling their HDB. Better than any stamp duty.

[minority]

Who want to let gov earn money & benefit from it at expense of citizens? Definitely not me! So your suggestion is a big NO NO!
Should be the citizens benefit from it!

So funny. Government cannot collect tax but must give give give. Very interesting people mindset these days,

[sgbuyer]

Who want to let gov earn money & benefit from it at expense of citizens? Definitely not me! So your suggestion is a big NO NO!
Should be the citizens benefit from it!

uncle, u need specs is it? i said PR and foreigners.

LOL

[hutsutau]

If the government doesn't control the reits and commercial rental, the entire singapore will vote like punggol east in 3 year's time.

some of my friend said that government actually wanted property prices to come down but it just stubbornly strong and despite of all the cooling measures, prices don't seem to have dropped

[sgbuyer]

some of my friend said that government actually wanted property prices to come down but it just stubbornly strong and despite of all the cooling measures, prices don't seem to have dropped

Definitely, don't tell me must wait till 2015/2016 then collapse? The election how?

[teddybear]

Did you make a mistake? Until now, there is NOT a single cooling measure from govt for commercial and industrial properties & rental, how to make it come down or even remain stable?

some of my friend said that government actually wanted property prices to come down but it just stubbornly strong and despite of all the cooling measures, prices don't seem to have dropped