Hong Kong unveils new measures to cool property market

 

 November 19, 2010

Hong Kong’s government on Friday unveiled its latest attempt to cool the red-hot property market, amid public anger at spiralling prices and fears highlighted by the IMF of a real estate bubble.

Financial Secretary John Tsang announced a sliding scale of new stamp duties to take effect midnight Friday aimed at restraining what he called “short-term speculative” inflows into the glitzy financial hub’s property market.

“These are extraordinary measures under exceptional circumstances. Our aim is to curb short-term speculative activities and to reduce the risk of any asset bubble,” Tsang told journalists.

The densely populated city of seven million is famous for its sky-high residential rents and super-rich tycoons. It notably attracts wealthy buyers from mainland China looking for a relatively safe place to invest with high living standards.

But the International Monetary Fund this week urged Hong Kong to rein in soaring prices, amid fears that overheating is spreading from high-end luxury properties to the general market.

Under the levies outlined by Tsang, anyone reselling a property within six months of purchase would be subject to a hefty 15 per cent stamp duty. A 10 per cent duty would apply to sales within six-to-12 months and five per cent to sales within 12-24 months.

Luxury home values in the former British colony recently topped their pre-1997 Asian financial crisis peak, according to government data released in October.

Friday’s announcement marks the latest in a series of measures already taken to cool the ever-expanding market.

Stamp duty on luxury property was hiked by half a percentage point in April to 4.25 per cent, while a number of government land auctions have been held to increase supply.

But prices have crept ever higher, and are up 20 per cent in the past year.

The IMF warned in a report on Thursday that, “depending on the amplitude of the upswing, the resulting downturn could prove both protracted and painful”.

Concerns have been amplified after the Federal Reserve unveiled a massive stimulus package to kick-start the US economy, raising fears that a flood of speculative money could overheat Hong Kong’s volatile asset markets.

The Hong Kong dollar is tied to the greenback, although the IMF reiterated its support for the city’s currency system, calling it a “robust anchor of monetary and financial stability”.

Earlier this month, the city’s biggest realtor, Centaline, recorded the highest commercial property price per square foot in Hong Kong’s history.

A 79th floor unit in The Centre – a downtown skyscraper owned by Hong Kong’s richest man Li Ka-shing – sold for 338 million Hong Kong dollars (44
million US dollars), or about 25,580 Hong Kong dollars a square foot.

Homes with a price tag of at least 20 million Hong Kong dollars have surpassed previous highs for both the number of transactions and total sale proceeds, Centaline also said.

Spillover into the lower-end property market, where the vast majority of Hong Kong people live, has seen prices creep ever further beyond the reach of average incomes.

In October, Hong Kong’s leader announced a halt to automatic residency for wealthy property buyers, in a move that analysts said was aimed squarely at cash-rich investors from mainland China.

At a rowdy legislative session that was dogged by about 200 protestors denouncing high property prices, Chief Executive Donald Tsang said: “Housing is currently the greatest concern of our people.”

Source : Channel NewsAsia – 19 Nov 2010

短期炒家须缴额外最高达15％印花税
港府重拳打击楼市炒风

（2010-11-20）

● 戴庆成 香港 　　面对房地产市场持续炽热，港府昨天终于公布新一轮压抑楼市措施，并仿效新加坡，提出三级制的额外印花税，向两年内转售的私人房屋征收额外印花税，最高达15%，昨日立即生效。 抵押贷款率最多为5成 　　此外，港府也进一步收紧楼宇按揭（抵押贷款）成数，超过1200万港元（200万新元）的按揭率最多为5成。 　　当地学者普遍认为，新措施将有助冷却楼市，减低资产泡沫风险，但楼价不会因此出现大幅下跌。 　　过去一年半，香港受外围环境影响，资产价格持续上升，尤其是豪宅价格，更已升逾97年高位一成。一般住宅价格也与97年水平只存在12%的差距。 　　在新政策之下，半年内转手物业，将额外征收15%印花税；半年至一年内转售物业，将额外征收10%印花税；至于一至两年转售的物业，则要额外征收5%印花税。新税款由买卖双方共同承担，所以假若其中一方没有履行责任缴付额外印花税，税务局也可以向另一方追讨该税款。 　 　香港金融管理局昨日也向各大银行发出指引，由即日开始，所有楼价1200万港元或以上的按揭成数，由6成下调至5成；800万至1200万港元的楼宇按 揭，借贷成数由7成下调至6成，贷款额最高为600万港元；800万港元或以下楼宇，最高成数维持7成，借贷额最高为480万港元。 　　至于非自住、以公司名义持有、工商铺等物业的按揭成数，也由6成减至5成。 港府财政司司长曾俊华昨天在记者会上指出，新措施主要是针对威胁到社会及市场波动的楼宅短期炒卖活动，以及为维持楼市健康发展，和不妨碍市民置业的情况下进行。 　　他说，香港楼市炒卖气氛浓厚，短炒个案急升，12个月内的短炒个案急升114%，当中84%涉及300万元以下物业。故港府增加印花税，是希望令短炒收敛，而不是为库房带来收入。 　　至于如何界定措施成效，曾俊华称，会留意多项因素决定，有需要时会再推出新措施。 　　他说：“目前，量化宽松政策带来的影响尚未过去，我们会继续密切监察楼市，绝不会对影响社会经济和金融稳定的风险坐视不理，在有需要时，我们会再次以强而有力的手法，维持市场健康平稳发展。” 　　当地经济学者关焯照分析，港府在今年内第四次出招遏抑楼市炒风，力度明显比之前强。 　　他认为，提高两年内转售物业的印花税，将大大增加短期炒卖的成本，估计短期内香港楼价会下调约3％，之后一两个月楼价都会维持在这个水平。 　　恒生商学书院商学院院长苏伟文也预料，由于炒卖成本大幅增加，短期内短炒个案将急跌20%以上。 　　他解释，在原定征收的4.5%税项目上，半年内转售物业，将再加上15%额外印花税，令炒卖成本激增至约20%，即所转售物业需有至少约25%的升值，炒家才算有利可图，故他估计措施对非专业炒家带来一定打击。 　　但苏伟文同时指出，新措施虽然对整体楼市气氛有一定影响，短期或现微调，但调整幅度不会太大。 　　民主党立法会议员李永达也相信，新措施在中短期可以发挥作用，但提醒港府需要留意措施生效后，利用空壳公司或海外注册公司炒卖的情况有没有上升，以及中国大陆炒家或大陆资金会否取代本地炒家，继续进行炒卖活动。 李永达解释，大陆炒家资金雄厚，无须透过借贷或按揭买楼，所以不受金管局收紧按揭成数影响，港府需要密切留意。