Text: Xie Yuehan.
Recently, more people have been talking about the problem of "implementing 'spicy' for real estate sales".Due to the fact that the performance of the property market and the property market has been closely related to the overall economic development of Hong Kong over the years, the public has begun to worry about the recent stagnant water and property prices,** and when the property price will stop falling and stabilize.
Because today's theme is about "reducing spiciness", I will focus on whether ** should be "reduced spicy". In fact, the Stamp Duty (Amendment) (Residential Properties) Bill 2023 has just been passed by the Legislative Council in the third reading to implement the "spicy" measures announced in the 2023 Policy Address, including shortening the applicable period of Special Stamp Duty from three years to two years, and reducing the rates of Buyer's Stamp Duty (BSD) and New Residential Stamp Duty (BSD) from 15% to 75%, and the stamp duty on home purchase of foreign talents has also been changed from "levied first and then refunded" to "exempted before levy", and there has also been action to "reduce spiciness".
I strongly oppose the policy of high property prices and high land prices, and suggest that we can no longer rely on high land prices and property prices as the main taxes, and we must find another way to increase taxes. I am even more opposed to the bad behavior of real estate groups monopolizing the real estate market, will such "spicy" measures benefit real estate developers?
ActuallyThe largest owners in Hong Kong are banks and financial institutionsThe situation is the same in the mainland, just look at the bankruptcy and collapse of Evergrande Real Estate, its liabilities are as high as 2.5 trillion yuan, and many financial institutions and banks have been affected, including the earlier explosion of Zhongzhi Enterprise Group (a financial group with assets of more than 1 trillion yuan) filed for bankruptcy liquidation with the court, which is related to the bursting of the real estate bubble in the mainland. Once strictly controlled and supported real estate, the real estate market stagnated or even **, and only recently raised funds to support important financial institutions, and began to relax the control of real estate sales.
The main question in Hong Kong is whether "cutting down" will immediately increase property sales and property transactions? Personally, I think"Reducing spiciness" is just "cough water", because whether the building transaction is active and quiet is involved in many reasons. It is also necessary to consider the overall situation, including population policy, tax system, business environment, profits tax, and land premium income are the main incomes. In particular, when it comes to the asset and debt problems of the middle class, if there is an increase in "negative equity", it will not only affect the asset quality of banks, but also shake the public's confidence in Hong Kong's prospects.
* You may wish to start with the district council to collect public sentiment and public opinion, and then solicit major political parties, think tanks and experts and scholars during the period to verify when and in what way is the best time and method to "reduce spiciness", and absolutely not listen to the words of the consortium and its ** people. BecauseIn addition to carefully considering the "spicy reduction", we should also actively explore how to find a solution to replace the income of real estate and building tax, which is the solution once and for all.
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