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2/7 News Roundup: One Kai Tak Special Unit Sold At HK$30,011/ssf, Chan Tak-lam: Time Needed to See Cooling Measures Effects
Hong Kong Property | February 7, 2017
One Kai Tak Special Unit Sold At HK$30,011/ssf
A 1,606-square-foot special flat in the second phase of One Kai Tak (II) from China Overseas sold for HK$48.198 million, or HK$30,011 per salable square foot, by tender yesterday. It was the most expensive flat in terms of price per saleable square foot at One Kai Tak since the project was launched in September. There are only 7 blocks of low-rise buildings in One Kai Tak (II). Each of them comprises 4 floors and 1 special flat on each floor.
Chan Tak-lam: Time Needed to See Cooling Measures Effects
Cooling measures have helped curb the rapid expansion of credit in the housing market, but more time is needed to determine the efficacy of such policies, says Hong Kong Monetary Authority chief executive Norman Chan Tak-lam. “We saw home deals in December drop significantly. Transactions in the primary market were down 80% compared to November when the measures were introduced, while those in the secondary market dropped 30 to 40%. The situation continued into January.” Last November, the government raised the stamp duty for non-first-time buyers of homes to a flat rate of 15%. Chan described recent prices as slightly volatile. He added: “If those macro-policies were not in place, loan credits in the home market would definitely go up at a much faster rate. We would adjust our measures in accordance to the different stages of the cycle.”
Taxation Institute Suggests Waiving First-home Stamp Duty
The Taxation Institute of Hong Kong has suggested waiving stamp duty for first-time home buyers. The institute was making suggestions yesterday for the budget. It said Hong Kong permanent residents who purchase a home worth not more than HK$6 million should be excused stamp duty. But the buyer should live in the property for 3 consecutive years. If the home is sold within that time, the buyer has to pay the exempted and additional stamp duty.
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