Tuesday, Apr 14, 2015

A policy that would get votes

Telegraph: Hong Kong announces property tax for foreigners

"Hong Kong has introduced a 15 per cent tax on foreign buyers in a bid to cool down its property market.
At the same time it has raised stamp duty for short-term speculators, as property prices overtake the record highs last seen back in 1997. In the first nine months of the year the former British colony’s property market has rocketed 20 per cent."
So it doesn't take a genius to guess were these speculators have been dumping their money over the last
2 years, often buying blocks off plan and out bidding local "hard working families" in London.
Speculators don't even want to let them out, as this is deemed too risky when they want to sell, so these places
are left unoccupied, taking supply form the rental market and also at reduced rate of council take.
Bubble ?!!!!

Posted by doomwatch @ 10:59 AM (2690 views)
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2 Comments

1. libertas said...

Sorry, but hardly a bubble if they are only just reaching the 1997 peak.

Prices have not been this high for 18 freaking years, and you call this a bubble?!?!

Tuesday, April 14, 2015 09:24PM Report Comment
 

2. Oops said...

That article is from Oct 2012. Hardly breaking news.

Wednesday, April 15, 2015 08:45AM Report Comment
 

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