久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

Capital gains tax may help curb growing home prices

Updated: 2013-02-05 06:32

By Ho Lok-sang(HK Edition)

  Print Mail Large Medium  Small 分享按鈕 0

Capital gains tax may help curb growing home prices

Recently, the International Monetary Fund warned that Hong Kong's high housing prices pose serious danger to the economy. According to Demographia, an Illinois-based consulting company, Hong Kong remains the world's most expensive housing market, with homes costing 13.5 times the median annual income (before tax), up from 12.6 a year ago. This is much higher than Australian homes, which costs only 6.5 times median income, yet are similarly labeled "severely unaffordable" by the survey.

A fairly common view is that the government should introduce measures to strike down housing prices so they become affordable. But striking down the prices with draconian measures will not magically increase supply. The measures end up clamping down demand haphazardly. For example, one possible way to help those who are waiting to buy might be turning existing owners into negative equity "owners", and to have banks foreclose and sell the properties cheaply to those who are waiting to buy. This has happened before. Fair-minded people know that this is both unfair and costly to society.

Other people have come up with the idea of a mortgage tax, so that the mortgage payments become so burdensome that buyers lower their bids. This will certainly hurt the owners/sellers, but cannot benefit the buyers, because a mortgage tax cannot improve affordability.

Still other people have come up with the idea of a vacancy tax, to force owners who are keeping their units vacant into selling. But the impact on actual supply would be quite small. Presently the vacancy rate, according to the Secretary of Housing and Transport, is only 4 percent, which is a fairly healthy rate and not excessively high. Although some developers have kept units off the market, others are selling units that have not yet been completed. Moreover, it would be very costly for the government to tax owners who have bought their units from developers and keep their units vacant.

Accordingly, there is, in point of fact, not much that can be done to help homebuyers buy homes in the short term. The government is already doing its best to enhance supply to meet long-term demand. Trying to clamp down home prices one way or another goes against the market and cannot be justified.

Instead of striking down home prices with draconian measures, the government could instead favor first-time buyers by availing them to a higher loan ration, which would make them more like investors or those who already own homes. The Hong Kong Monetary Authority has already moved in this direction and can do more.

Thus an across-the-board "demand management" (i.e. cutting demand) initiative will not help first time homebuyers. Demand management that helps first-time homebuyers must favor them at the expense of other homebuyers/investors. But arbitrarily punishing other homebuyers/investors really goes against the principle of protection of private property, which has been enshrined in the Basic Law.

Instead of a vacancy tax, I would propose putting a cap on rates relief/concession on all residential properties owned by one owner rather than allowing a separate concession to apply to each of the properties owned. At the same time, disallowing homes owned by a company to enjoy the concession may also increase the cost of hoarding many residential properties.

Finally, the government could also consider the introduction of a capital gains tax on properties that are paid on the realization basis. This is not so much to strike down the home prices as to make our tax system fairer. The government has been far too generous to the landowning class, who has reaped huge fortunes, largely at the expense of entrepreneurs and renters. A capital gains tax payable on realization of the capital gains, with exemption for owner-occupiers, would be both fair and efficient-provided that an annual allowance for inflationary gains ensures that purely inflationary gains are not taxed. To make things simple, I recommend an annual 10 percent gain to be exempt from the capital gains tax. The tax revenue collected could be spent on various social and infrastructure projects that benefit the community as a whole. Economic theory tells us that such taxes will not burden tenants, and allow the government to reduce profits tax rates, giving the economy a big push.

The author is Director, Centre for Public Policy Studies, Lingnan University.

(HK Edition 02/05/2013 page1)

久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    精品欧美一区二区久久| 国产精品理伦片| 国产精品一区二区在线播放 | 日本一区二区三区电影| 国产不卡视频在线播放| 亚洲人成亚洲人成在线观看图片| 在线观看www91| 日韩高清在线观看| 久久午夜老司机| 99热在这里有精品免费| 亚洲大尺度视频在线观看| 日韩一区二区在线免费观看| 国产美女一区二区三区| 亚洲三级在线免费观看| 欧美妇女性影城| 国产99久久久国产精品| 亚洲国产成人91porn| 精品电影一区二区| 色综合一区二区| 蜜臂av日日欢夜夜爽一区| 国产精品色婷婷| 欧美亚洲高清一区| 精品一区二区三区视频在线观看| 国产精品成人一区二区艾草| 欧美精品777| 成人av综合一区| 天堂资源在线中文精品| 国产喷白浆一区二区三区| 在线观看一区不卡| 国产在线精品一区二区三区不卡| 亚洲免费视频成人| 欧美精品一区二区精品网| 日本久久电影网| 国产乱色国产精品免费视频| 亚洲亚洲精品在线观看| 久久精品夜夜夜夜久久| 欧美片网站yy| 成人网男人的天堂| 日韩高清一区二区| 亚洲日韩欧美一区二区在线| 日韩三级av在线播放| 91丨九色porny丨蝌蚪| 狠狠色综合日日| 亚洲午夜一区二区三区| 中文字幕精品一区| 欧美一区二区三区性视频| 97精品久久久午夜一区二区三区| 老司机午夜精品| 一区二区日韩电影| 国产精品女主播av| 欧美一级理论性理论a| 日本精品一区二区三区高清| 国产成人精品免费看| 日本不卡一二三| 亚洲综合激情网| 国产精品乱码人人做人人爱| 欧美不卡一区二区三区四区| 欧美系列日韩一区| 97超碰欧美中文字幕| 国产一区二区三区久久久| 午夜国产精品一区| 亚洲色图在线播放| 亚洲国产精品t66y| 久久免费视频色| 日韩欧美国产系列| 欧美卡1卡2卡| 91成人免费电影| 91最新地址在线播放| 国产黄人亚洲片| 韩国女主播成人在线观看| 日日夜夜一区二区| 日本一区二区三区免费乱视频| 国产精品久久久久久久久动漫| 欧美大片一区二区三区| 欧美日韩久久一区二区| 91麻豆福利精品推荐| 粉嫩av一区二区三区| 国产一区在线观看麻豆| 日本成人超碰在线观看| 亚洲综合999| 亚洲免费视频成人| 亚洲视频一区在线| 国产精品久久久一本精品| 久久精品欧美一区二区三区麻豆 | 精品国产一区二区在线观看| 91精品国产综合久久久久久| 欧美日韩在线播放一区| 日本高清不卡一区| 色88888久久久久久影院野外| 99久久伊人网影院| av资源网一区| 96av麻豆蜜桃一区二区| 972aa.com艺术欧美| 91免费观看视频| 99久久99久久精品免费观看| www.成人网.com| 91亚洲永久精品| 日本精品视频一区二区三区| 一本高清dvd不卡在线观看| 色中色一区二区| 在线日韩一区二区| 欧美日韩精品一区二区三区四区| 欧美亚洲一区二区在线观看| 欧美日韩另类一区| 777亚洲妇女| 日韩精品一区二区在线观看| 欧美mv日韩mv国产| 久久久久综合网| 国产欧美日韩久久| 中文字幕字幕中文在线中不卡视频| 亚洲少妇屁股交4| 亚洲综合另类小说| 视频在线观看一区| 蜜桃精品在线观看| 国内成人免费视频| 成人夜色视频网站在线观看| 99久久99久久精品免费观看| 色94色欧美sute亚洲线路一久| 欧美中文字幕久久| 678五月天丁香亚洲综合网| 日韩精品最新网址| 国产网红主播福利一区二区| 中文字幕一区在线| 亚洲国产cao| 美女久久久精品| 国产成人精品亚洲777人妖| av亚洲精华国产精华精华| 一本大道久久a久久精二百 | 欧美三级乱人伦电影| 日韩写真欧美这视频| 国产午夜精品久久久久久免费视| 一区精品在线播放| 亚洲成人久久影院| 久久国产欧美日韩精品| 高清在线观看日韩| 91福利视频在线| 日韩一区二区三区免费看 | 国产sm精品调教视频网站| 99视频一区二区| 9191久久久久久久久久久| 337p粉嫩大胆噜噜噜噜噜91av| 国产精品高潮呻吟久久| 亚洲国产视频一区| 国模一区二区三区白浆| 91蜜桃免费观看视频| 在线综合+亚洲+欧美中文字幕| 久久一区二区三区四区| 亚洲三级久久久| 美国十次了思思久久精品导航| 丁香啪啪综合成人亚洲小说 | 欧美日韩一区不卡| 久久美女艺术照精彩视频福利播放| 中文字幕在线一区免费| 五月婷婷另类国产| 国产成人精品一区二区三区四区 | 91国模大尺度私拍在线视频| 日韩一区二区在线观看视频| 中文在线资源观看网站视频免费不卡| 一区二区三区在线视频观看58 | 成人福利视频在线看| 欧美日韩精品一区二区三区蜜桃 | 午夜视频在线观看一区| 国产成+人+日韩+欧美+亚洲| 欧美日韩国产综合一区二区三区| 国产亚洲精品7777| 性感美女极品91精品| 国产成人精品一区二区三区四区 | 欧美亚洲免费在线一区| 国产日产亚洲精品系列| 日韩黄色免费网站| 99久久精品国产观看| 日韩女优视频免费观看| 又紧又大又爽精品一区二区| 国内久久精品视频| 欧美日韩国产精品成人| 国产精品国产三级国产普通话三级| 日本欧美一区二区三区| 91麻豆免费在线观看| 久久蜜桃av一区精品变态类天堂 | 丝袜亚洲另类丝袜在线| www.成人网.com| 久久影院视频免费| 日韩高清在线观看| 日本精品视频一区二区| 欧美国产日本视频| 九九视频精品免费| 欧美日韩亚洲综合一区| 中文字幕综合网| 国产福利不卡视频| 日韩免费看的电影| 亚洲成人一区二区在线观看| www.视频一区| 国产人成亚洲第一网站在线播放 | 成人av免费观看| 欧美精品一区二区三区很污很色的| 亚洲成av人片一区二区梦乃| 91丨porny丨国产| 国产精品久久久99| 国产成人啪免费观看软件| 精品国产免费久久|