The property market has been loosened again.
On February 28, Hong Kong announced: from now on, all residential property demand management measures will be revoked, and all residential property transactions will be carried out from todayNo more SSD, BSD and New Residential Stamp Duty (SVD) are no longer payable.
Do you know what that means?
This means that the relaxation of Hong Kong's property market has been far greater than that of the four first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen.
Hong Kong's property market has been completely liberalized.
Because there is no purchase restriction, sales restriction and a series of control measures in the Hong Kong property market.
The regulation and control of Hong Kong's property market mainly rely on taxation, and the overheating of the property market will increase the proportion of various stamp duties, so as to curb speculation and cool down the property market
And the proportion of taxes collected is quite terrifying.
At its peak, non-Hong Kong residents were required to pay two taxes on home purchases, a 15% BSD and a 15% stamp duty on new homesThe two taxes add up to 30%.
That is to say, you buy a property for 10 millionThe new tax in the early stage is as high as 3 million
It is to use high taxes to curb speculation.
However, now with the abolition of high taxes in the Hong Kong property market, it means that the Hong Kong property market is no longer regulated, and you can buy and sell as you like.
It is equivalent to the complete cancellation of purchase restrictions in Beijing, Shanghai, Guangzhou and Shenzhen.
The reason behind this is because of the continuous downturn in the Hong Kong property market in recent years.
Hong Kong's Rating and Valuation Department made an official announcement on February 27
Hong Kong's property price index fell to 306 in January4, the lowest since October 2016The month-on-month decline widened to about 16%；The year-on-year decline widened to more than 9.%.4%，
It is the largest in 11 months.
And compared to the all-time high in September 2021The cumulative decline reached 25%., and the Central Plains City Leading Index CCL, which reflects the overall second-hand housing prices, has also continued to decline sharplyAfter 15% of the house price in 2022, the house price will be about 7% again in 2023
More importantly, the decline in housing prices in Hong Kong has not been exchanged for sales, and the transaction volume of Hong Kong's real estate market has also shrunk sharply in 2023, hitting the lowest record in nearly 33 years.
Therefore, throughout 2023, the Hong Kong property market will be in a state of falling volume and price.
Therefore, the Hong Kong property market is really in a hurry, and it began to loosen the restrictions and reduce the stamp duty in October last year, and now it is "off to the end".
From this point of view, Li Ka-shing's sale of a house in Hong Kong last year was indeed a real "depth charge".
Because his 7% off sale house is 30% lower than the surrounding second-hand housesDirectly dried the house price to seven years ago,
The determination to cash out is very strong.
At the same time, the question also comes, does the Hong Kong property market set an example for Beijing, Shanghai, Guangzhou and Shenzhen once it is pushed to the end?
This is for sure, because the trend of loosening the property market in the four first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen has been very clear.
In the future, we will definitely see the relaxation of first-tier cities again.
However, we must also keep in mind that the relaxation of first-tier cities does not necessarily lead to the overall property market.
In the past, the market was led by first-tier cities, followed by second- and third-tier cities.
But now is the time for a major change in the relationship between supply and demand, many cities are under very high inventory pressure.
And this round of relaxation of the property market started in second-tier cities, resulting in the fact that the policies of second-tier cities have been exhausted, but confidence has not yet recovered.
Therefore, even if the first-tier cities are relaxed, they are all policies that have already been issued by the second-tier cities.
Then, even if the first-tier cities stabilize, the pulling effect on the second- and third-tier cities will be greatly slowed down.
More importantly, we are in a debt-servicing cycle and income expectations are unstable.
Even if the sentiment of buying a house is high, the final purchase behavior still falls on the shriveled wallet.
Therefore, the property market still has to be adjusted, policies have to be given, and even housing prices have to be reduced.