Posted by
RA
11 yrs ago
Don't know if this is true , but have heard that the Govt is planning to increase tax for vacant properties. Basically property owners who are waiting out and not renting or selling will be taxed higher. Is this true? Is there any coverage on Chinese media?
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I see a lot of leases to friends and family for HK$1.00 in the future.
I wonder when the HKSAR mis-government will wake up and accept the fact that it's failure to supply adequate amounts of land is the main cause of current price levels (just as the glut during the post-1997 period was also a major contributor to property prices falling 60-70%).
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They can charge a tax to everyone, and then rebate:
+ For those who live in as owner-occupier,
+ Or relate taxes for those who rent out.
The $1 rent, would then achieve nothing, since the rebate would be near zero
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I was being sarcastic :-) - it wasn't a serious suggestion but even if it was, the anti-avoidance measures you suggest would cause difficulty for people who provide accomodation to (typically) elderly relatives, those who own second homes in NT, those whose rental units are untenatable for six months while a major rennovation is going on etc.
I really hope the government exercises a fraction more common sense than it usually demonstrates (or, if it does insist on pushing such a proposal through, simple requires developers to sell within (say) 12 months of completion.
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I got that...
I assumed you were using a $1 rent as a proxy for $5,000,
on a $20,000 flat, or whatever.
My comments still apply - else they will have problems calculating what to charge
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