In an interview with Bloomberg, Ye Liu Shuyi, convener of the Executive Council and chairman of the New Democracy Party, said that it is possible to consider exempting double stamp duty for Chinese home buyers, referring to mainland professionals who have been demanding that they be exempted from double stamp duty (DSD) before obtaining the right of abode. Described as "a series of measures under consideration", the government can certainly consider it.
Mrs. Ye later clarified that it was only a proposal from the New Democracy Party. She proposed that the tax exempted for mainlanders is "Buyer's Stamp Duty" (BSD).
A spokesman for the Financial Secretary's Office responded that in response to reports that the government is considering relaxing the property stamp duty, the government clarified that there were no relevant discussions and made it clear that there were no relevant plans.
Ye Tai said that the New Democracy Party's proposal will help enhance the sense of belonging of professionals
In a subsequent interview with the media, Ye Liu Shuyi said that the relevant proposals are the opinions of the New Democratic Party and will be put forward during the consultation period of the "Policy Address".
Mrs. Ye said that the New Democracy Party has always received requests from professionals from the Mainland who come to Hong Kong, hoping that they can be exempted from paying double stamp duty like Hong Kong residents before they obtain permanent residency. A sense of belonging is also a fairer approach.
When asked if the proposal would push up property prices, Mrs. Ye believes that the current property market is relatively weak and relevant proposals will help retain talent.
Ip Liu Shuyi later issued a statement to clarify, saying that she just pointed out the measures that the government can consider to take, not that the government is considering tax exemption, and she hopes that the government can exempt mainlanders from the "buyer's stamp duty" introduced in 2012 ( BSD).
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Leung Man-kwong, vice-chairman of the Legislative Council Housing Panel, said that the stability of the property market is more important than everything else. At present, Hong Kong and the mainland have not cleared customs, and the situation is uncertain.
He pointed out that if the double stamp duty for non-local residents is abolished, funds will undoubtedly flow into the Hong Kong property market, and the efforts for the stable development of the property market in the past will be in vain.
Another member of the Housing Committee, Liberal Party Li Zhenqiang, said that he believed that Mrs. Ye's suggestion was to stabilize the property market and attract talents to stay in Hong Kong. He also pointed out that the hot property market has been implemented for a long time, and it is time to review.
Liu Guoxun.
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Liu Guoxun: It needs to be handled cautiously and then checked after customs clearance
DAB Legislative Council member Lau Kwok-hsun said that whether to withdraw the drastic measures depends on the policy objectives. The property market in Hong Kong has been rising for many years, and it has only recently eased, but it has not yet reached the affordable level of the general public. He believes that the government needs to deal with it carefully.
He pointed out that at present, Hong Kong and the mainland have not been able to clear customs, and the figures cannot reflect the actual situation after customs clearance.
He noticed that Mrs. Ye’s suggestion was based on the fact that some mainland professionals wanted to be exempted from double stamp duty before obtaining the right of abode. He believed that if the government wanted to attract talents, it could provide tax rebates after mainland professionals became permanent residents in Hong Kong, instead of exempting them all across the board. Double stamp duty.
Mr Tse Wai-chuen, a member of the field of architecture, surveying and urban planning, pointed out that the exemption of double stamp duty for mainland buyers will attract more demand, but at present, the property prices in Hong Kong are too high and the government does not have enough building supply. It is not suitable to encourage the purchase of properties for investment at this time. .
He mentioned that the current decline in property prices, if it can slowly decline to achieve a "soft landing", it may not be a bad thing for the overall society, emphasizing that buying property as an investment inherently involves risks, just like the stock market has also fallen sharply recently.
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