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Full Version: HK property sales slump to 17-year low as stamp duty bites
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The bad news will continue for the rest of this year, at least, IMO...

HK property sales slump to 17-year low as stamp duty bites

HONG KONG — The number of properties sold in Hong Kong plunged by more than a third last year to a 17-year low as a surge in the stamp duty, designed to burst a housing bubble, turned off buyers in one of the world’s most expensive cities.

Despite steep discounts offered by property developers, the number of sale and purchase agreements concluded last year amounted to 70,503, down 39 per cent from 2012, said the Hong Kong Land Registry.

The value of deals dropped 30 per cent from a year ago to HK$456 billion (S$74.8 billion), the data showed.
...
http://www.todayonline.com/business/hk-p...duty-bites
from news, some HK resale are sold 10-15% below comparable mkt prices.

Expecting SG developers to cut prices...unlike HK developers who can hold for long time,
SG has QC levy. Unless 100% Singaporean-owned.
Local developers are aware the floodgate still open widely for foreigners, so they just wait, why cut price ?
(08-01-2014, 10:36 AM)cfa Wrote: [ -> ]Local developers are aware the floodgate still open widely for foreigners, so they just wait, why cut price ?

cannot wait. QC levy.
what is qc levey? and why did hk govt design their stamp duty to burst bubble? I tot most govt will try to contain bubble just like our?
(08-01-2014, 10:17 PM)pianist Wrote: [ -> ]what is qc levey? and why did hk govt design their stamp duty to burst bubble? I tot most govt will try to contain bubble just like our?

Basically need to pay extension charge$ to hold on development properties after TOP if not 100% singaporeans owned. See below for details.

http://www.rodyk.com/usermedia/documents...Notes1.pdf