{"id":539301,"date":"2010-04-22T05:45:00","date_gmt":"2010-04-22T09:45:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/hong-kong-threatens-to-end-the-luxury-property-spree-for-the-second-time-in-two-months-2010-4"},"modified":"2010-04-22T05:45:00","modified_gmt":"2010-04-22T09:45:00","slug":"hong-kong-threatens-to-end-the-luxury-property-spree-for-the-second-time-in-two-months","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/539301","title":{"rendered":"Hong Kong Threatens To End The Luxury Property Spree For The Second Time In Two Months"},"content":{"rendered":"

\"Hong<\/p>\n

Hong Kong’s government has warned that their clamp-down on property speculation isn’t over yet, despite a recent April 1st hike in the tamp duty for property worth over $20 million Hong Kong dollars.<\/p>\n

The Standard:<\/a><\/p>\n

The stamp duty on flats valued at up to HK$20 million may be raised if the risk of an asset bubble is boosted by excessive speculation in the property market, Financial Secretary John Tsang warned yesterday.<\/p>\n

…<\/p>\n

Tsang said the government is committed to combating speculative activities, to reduce the risk of a property bubble. More than 13,000 cases of suspected speculation had been identified by the Inland Revenue Department in the fiscal year of 2008-09, with more than 4,000 requiring follow-up action after a review. The authorities will continue to actively track property transactions involving speculation and levy profits tax, he added.<\/p>\n

Hong Kong property stocks slumped today on the news<\/a> despite the fact that the recent stamp duty increase only applied to higher-end property which comprises just 1.5% of the market.<\/a><\/p>\n

Some brokers, perhaps predictably, believe fears are unfounded:<\/p>\n

Bloomberg<\/a>:<\/p>\n

Hong Kong’s property market will see “no significant implications” from the government’s plans to curtail the risk of a bubble in the sector, Taifook Securities Group Ltd. said in a report.<\/p>\n

“We see no significant implications for them from the new government requirements,” Mak wrote. “Property prices will in the longer-term be dictated by the strength of the economy and the levels of interest rates.”<\/p>\n

The Hang Seng property index fell 1.6% compared to just a 0.3% drop for the Hang Seng.<\/p>\n

Join the conversation about this story »<\/a><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Hong Kong’s government has warned that their clamp-down on property speculation isn’t over yet, despite a recent April 1st hike in the tamp duty for property worth over $20 million Hong Kong dollars. The Standard: The stamp duty on flats valued at up to HK$20 million may be raised if the risk of an asset […]<\/p>\n","protected":false},"author":6205,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-539301","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/539301","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/6205"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=539301"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/539301\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=539301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=539301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=539301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}