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

短期炒家須繳額外最高達15％印花稅
港府重拳打擊樓市炒風

（2010-11-20）

● 戴慶成 香港 　　麵對房地產市場持續熾熱，港府昨天終於公布新一輪壓抑樓市措施，並仿效新加坡，提出三級製的額外印花稅，向兩年內轉售的私人房屋征收額外印花稅，最高達15%，昨日立即生效。 抵押貸款率最多為5成 　　此外，港府也進一步收緊樓宇按揭（抵押貸款）成數，超過1200萬港元（200萬新元）的按揭率最多為5成。 　　當地學者普遍認為，新措施將有助冷卻樓市，減低資產泡沫風險，但樓價不會因此出現大幅下跌。 　　過去一年半，香港受外圍環境影響，資產價格持續上升，尤其是豪宅價格，更已升逾97年高位一成。一般住宅價格也與97年水平隻存在12%的差距。 　　在新政策之下，半年內轉手物業，將額外征收15%印花稅；半年至一年內轉售物業，將額外征收10%印花稅；至於一至兩年轉售的物業，則要額外征收5%印花稅。新稅款由買賣雙方共同承擔，所以假若其中一方沒有履行責任繳付額外印花稅，稅務局也可以向另一方追討該稅款。 　 　香港金融管理局昨日也向各大銀行發出指引，由即日開始，所有樓價1200萬港元或以上的按揭成數，由6成下調至5成；800萬至1200萬港元的樓宇按 揭，借貸成數由7成下調至6成，貸款額最高為600萬港元；800萬港元或以下樓宇，最高成數維持7成，借貸額最高為480萬港元。 　　至於非自住、以公司名義持有、工商鋪等物業的按揭成數，也由6成減至5成。 港府財政司司長曾俊華昨天在記者會上指出，新措施主要是針對威脅到社會及市場波動的樓宅短期炒賣活動，以及為維持樓市健康發展，和不妨礙市民置業的情況下進行。 　　他說，香港樓市炒賣氣氛濃厚，短炒個案急升，12個月內的短炒個案急升114%，當中84%涉及300萬元以下物業。故港府增加印花稅，是希望令短炒收斂，而不是為庫房帶來收入。 　　至於如何界定措施成效，曾俊華稱，會留意多項因素決定，有需要時會再推出新措施。 　　他說：“目前，量化寬鬆政策帶來的影響尚未過去，我們會繼續密切監察樓市，絕不會對影響社會經濟和金融穩定的風險坐視不理，在有需要時，我們會再次以強而有力的手法，維持市場健康平穩發展。” 　　當地經濟學者關焯照分析，港府在今年內第四次出招遏抑樓市炒風，力度明顯比之前強。 　　他認為，提高兩年內轉售物業的印花稅，將大大增加短期炒賣的成本，估計短期內香港樓價會下調約3％，之後一兩個月樓價都會維持在這個水平。 　　恒生商學書院商學院院長蘇偉文也預料，由於炒賣成本大幅增加，短期內短炒個案將急跌20%以上。 　　他解釋，在原定征收的4.5%稅項目上，半年內轉售物業，將再加上15%額外印花稅，令炒賣成本激增至約20%，即所轉售物業需有至少約25%的升值，炒家才算有利可圖，故他估計措施對非專業炒家帶來一定打擊。 　　但蘇偉文同時指出，新措施雖然對整體樓市氣氛有一定影響，短期或現微調，但調整幅度不會太大。 　　民主黨立法會議員李永達也相信，新措施在中短期可以發揮作用，但提醒港府需要留意措施生效後，利用空殼公司或海外注冊公司炒賣的情況有沒有上升，以及中國大陸炒家或大陸資金會否取代本地炒家，繼續進行炒賣活動。 李永達解釋，大陸炒家資金雄厚，無須透過借貸或按揭買樓，所以不受金管局收緊按揭成數影響，港府需要密切留意。