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

Social costs of property price curbs are unaffordably high

Updated: 2013-05-21 06:59

By Ho Lok-sang(HK Edition)

  Print Mail Large Medium  Small 分享按鈕 0

Social costs of property price curbs are unaffordably high

Following Singapore's example, the Hong Kong SAR government started imposing a Special Stamp Duty (SSD) in September 2010. Initially SSD was charged as a levy of 5 percent to 15 percent on the resale price of residential property, depending on whether the resale was within the first or second year. Resales of units beyond the first two years were exempt. On Oct 26, 2012 the government announced, however, that SSD would be raised from 10 percent to 20 percent, and that housing units must be held for more than three years before being exempt from the SSD. Simultaneously, the government said it would levy a Buyer's Stamp Duty (BSD) at 15 percent on all purchases by non-Hong Kong residents and on corporations. Then on Feb 22 yet another severe measure was introduced. Regular stamp duties were doubled for any buyer other than a first-time home buyer or a homebuyer trading up and reselling his former unit.

The SAR government justified these "unusually severe measures" as being necessary in order to meet the needs of "unusually severe times". This article will analyze the results and implications of the measures.

The three extra stamp duties - SSD, BSD, and Double Stamp Duty - are aimed at reducing home prices and improving their affordability. In terms of reducing the price of homes, the effects should be clear; home prices will indeed be reduced. Given that in the short term, the supply of homes can be considered fixed, economics tells us that the market price will be what clears the market, or in other words, "what the market can carry". Since what the market can carry reflects the willingness of buyers to pay, to the extent that the stamp duties reflect a cost, the net price that buyers will pay will be the former price minus the expected stamp duty that must be paid. So, economics tells us that the price will be lowered by exactly the expected cost of the stamp duties.

But will the decrease in price caused by the three stamp duties actually improve the affordability of homes to homebuyers? The answer is positive. To the extent that speculative demand and investor demand are both reduced, and that overseas demand is also reduced, the price to be paid by homebuyers will indeed be reduced.

The increase in mortgage rates, which was engineered by the Hong Kong Monetary Authority, however, will not improve affordability at all. Any reduction in home price is entirely offset by the expected increase in interest payments.

Even though the "3D's" are all effective in reducing home prices and improving affordability, the social costs are too high. Here is why.

First is unfairness. I have previously argued that SSD is unfair to unfortunate people who have to sell their homes within the SSD-payable period. These unfortunate people could be in financial dire straits, but they have to bear the brunt of the tax through no fault of their own. Apart from the unfortunate ones who have to resell their units for one reason or another, people who work as brokers in the property agency business are suffering grave losses because the measures effectively destroy their livelihood. Transaction volume has declined dramatically to historical lows - even beating the record lows of the SARS period. From what we know, the main sellers of units were low-income homeowners in Kingswood Villas in Tin Shui Wai. Many of these sellers were selling at a loss.

Second is the potential risk of creating negative equity among homeowners. The 3D measures have effectively driven away speculators, investors, and even homebuyers who had wanted to trade up. Since trading up is never necessary and given that reselling a unit is so difficult, the likelihood is that homeowners would prefer to stay put. If only first-time buyers are left in the market, and they are buying with small down-payments, there will be considerable risk of them becoming negative-equity owners at the end of the day, when home prices continue to decline.

Third is damage to the economy. In a market that is almost entirely dependent on first-time homebuyers, home prices would inevitably decline. When home prices and volume decline investors will stay on the sidelines and the likelihood is that the declines will continue. A capital flight will follow, eroding the strength of the economy, and the revenue base of the government. I can safely predict that the government will run a sizable deficit in the current fiscal year.

The author is director of the Center for Public Policy Studies, at Lingnan University.

(HK Edition 05/21/2013 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

    欧美性大战久久久久久久蜜臀| 日韩精品一区二区三区在线观看| 亚洲另类在线制服丝袜| 91视频www| 午夜精品久久久久久不卡8050| 欧美日韩国产免费| 久久精品国产99国产| 国产视频一区在线播放| 91欧美一区二区| 日韩国产欧美视频| www国产精品av| fc2成人免费人成在线观看播放| 亚洲综合视频在线观看| 日韩免费观看高清完整版| 成人污视频在线观看| 亚洲午夜一区二区三区| 精品日韩99亚洲| 93久久精品日日躁夜夜躁欧美| 五月天中文字幕一区二区| 久久亚洲综合av| 日本道精品一区二区三区| 日本不卡视频一二三区| 亚洲国产精品高清| 欧美无乱码久久久免费午夜一区| 九九视频精品免费| 综合自拍亚洲综合图不卡区| 在线播放91灌醉迷j高跟美女| 国产一区二区日韩精品| 一区二区三区**美女毛片| 日韩精品一区二区三区视频播放 | 91麻豆精品国产91久久久更新时间 | 91黄色激情网站| 久久精品国产精品亚洲精品| 综合分类小说区另类春色亚洲小说欧美| 欧美日韩一本到| 丁香网亚洲国际| 日韩精品乱码av一区二区| 中文字幕国产一区| 欧美精品精品一区| 成人激情黄色小说| 欧美a级理论片| 亚洲区小说区图片区qvod| 精品国产自在久精品国产| 色天使久久综合网天天| 黄色日韩网站视频| 一区二区久久久久| 日本一二三四高清不卡| 欧美一级专区免费大片| 色999日韩国产欧美一区二区| 韩国精品一区二区| 亚洲福利一区二区三区| 国产精品久久久久一区二区三区| 欧美一区二区三区在线电影| 91在线视频播放地址| 国产一区二区三区免费| 亚洲午夜久久久久久久久电影网 | 久久久国产精品不卡| 欧美精品视频www在线观看| 成人黄动漫网站免费app| 久久99精品国产麻豆婷婷洗澡| 亚洲自拍欧美精品| 中文字幕成人网| 日韩精品在线网站| 欧美日韩国产在线播放网站| 99久久精品免费看国产免费软件| 经典三级在线一区| 日韩高清中文字幕一区| 亚洲一区视频在线观看视频| 国产精品色在线| 久久久亚洲精品石原莉奈| 欧美一级欧美一级在线播放| 在线看日本不卡| 97久久精品人人做人人爽50路| 国产高清精品网站| 九九精品视频在线看| 日韩精品一二三四| 午夜久久福利影院| 亚洲国产精品一区二区www在线| 日韩伦理电影网| 国产精品久久久久一区| 中文字幕精品三区| 久久女同互慰一区二区三区| 精品理论电影在线| 日韩三级在线观看| 欧美妇女性影城| 欧美日本一道本在线视频| 欧美性生交片4| 色先锋久久av资源部| 97se亚洲国产综合自在线| heyzo一本久久综合| 成人久久18免费网站麻豆| 成人亚洲精品久久久久软件| 激情综合色综合久久| 麻豆一区二区在线| 久久国产精品第一页| 日本在线播放一区二区三区| 三级影片在线观看欧美日韩一区二区| 亚洲尤物视频在线| 亚洲高清在线精品| 午夜精品久久久久久久99水蜜桃| 亚洲福中文字幕伊人影院| 亚洲韩国一区二区三区| 同产精品九九九| 日韩不卡一二三区| 欧美a一区二区| 精品亚洲免费视频| 国产精品一区专区| 懂色av噜噜一区二区三区av| 成人aa视频在线观看| 99精品欧美一区二区三区综合在线| 成人免费高清在线| 99热这里都是精品| 欧美亚洲综合在线| 制服.丝袜.亚洲.中文.综合| 91精品国产欧美一区二区| 欧美成人精品二区三区99精品| 久久免费看少妇高潮| 国产精品麻豆欧美日韩ww| 亚洲激情成人在线| 日韩国产在线一| 青青草精品视频| 国产精品77777| 99久久精品99国产精品| 91国偷自产一区二区开放时间| 欧美日韩国产综合草草| 日韩视频在线观看一区二区| 精品国产网站在线观看| 中文字幕成人网| 亚洲综合精品久久| 久久精品国内一区二区三区| 国产精品69久久久久水密桃| 成人性色生活片免费看爆迷你毛片| 色综合天天综合狠狠| 欧美久久久久中文字幕| 精品国产成人在线影院| 亚洲欧美自拍偷拍色图| 亚洲成人1区2区| 国产在线乱码一区二区三区| 成人福利视频网站| 欧美午夜电影在线播放| 精品国产免费一区二区三区四区| 中文文精品字幕一区二区| 一区二区成人在线| 国内精品视频666| 色综合久久中文综合久久97| 日韩午夜中文字幕| 亚洲欧洲性图库| 日韩av在线播放中文字幕| 国产.欧美.日韩| 欧美丰满一区二区免费视频| 国产日韩欧美a| 亚洲成人tv网| 丰满少妇在线播放bd日韩电影| 精品视频在线免费| 国产欧美一区二区精品性色| 亚洲一区二区三区中文字幕在线| 久久国产婷婷国产香蕉| 97精品久久久午夜一区二区三区| 欧美一卡二卡在线| 亚洲天堂精品视频| 久久国产夜色精品鲁鲁99| 91美女福利视频| 精品国产91洋老外米糕| 亚洲最色的网站| 国产伦精一区二区三区| 欧美视频中文一区二区三区在线观看| 欧美不卡视频一区| 伊人色综合久久天天| 国产一区二区三区不卡在线观看| 欧美亚洲尤物久久| 国产日产欧美一区| 日韩国产成人精品| 91免费版在线| 国产婷婷精品av在线| 三级一区在线视频先锋| 99久久综合99久久综合网站| 精品久久五月天| 亚洲超丰满肉感bbw| 成人的网站免费观看| 精品奇米国产一区二区三区| 日本道精品一区二区三区| 久久久久久久久久久久久久久99| 亚洲自拍另类综合| 综合欧美一区二区三区| 久久成人免费网| 欧美亚洲动漫另类| 国产精品美女久久福利网站| 蜜臀av在线播放一区二区三区| 日本高清不卡aⅴ免费网站| 国产日韩欧美一区二区三区综合| 人人爽香蕉精品| 欧洲国产伦久久久久久久| 国产精品视频一区二区三区不卡| 蜜臀久久99精品久久久久宅男| 欧美综合亚洲图片综合区| 国产精品青草久久| 国产一区二区美女| 日韩精品一区二区三区视频播放| 视频一区欧美精品| 日本道免费精品一区二区三区|