Internal transfer cases rose 6.8%

In November last year, the government increased the ad valorem stamp duty (DSD) rate on purchases of second-class or above residential properties to 15%. According to the Hong Kong Data Research Center of Q Housing, data from the Hong Kong Data Research Center show that in November this year, a total of 421 internal trade registrations Transfer cases (at least one second-hand transaction of the same name between buyers and sellers) increased by 27 cases (about 6.8%) on a monthly basis. As for the first 11 months of this year, internal transfers accounted for about 12% of second-hand sales registrations, much higher than the same period of previous year Of 7.2%.

Spicy trick to drive self-made first identity

Q.com said 421 cases of internal transfers were recorded in November, up 6.8% MoM, but the number of second-hand listings rose 17.8% MoM in the same month, dropping the ratio of internal transfers from 10.7% in October to 9.7% in November, losing 3 months. However, in the first eleven months, a total of 4 711 cases of internal transfers were recorded this year, representing an increase of 79.8% over the figure of 2,621 in the same period of last year.

Under the New Spicy Measures, Hong Kong permanent residents are exempted from calculating DSDs at high tax rates when they purchase any new property if they do not own any other residential property in Hong Kong or sell their only residential property within six months. Chen Kun-Hsing, managing director of Q Network Hong Kong, said that the relevant measures made a group of home-based owners identify first-hand identities as a normal reaction to the market. He pointed out that the prices of the cases concerned were generally lower than the market prices, distorted the information in the secondary market and the transactions were not “real” second-hand deals. After deducting the relevant cases, the overall volume of second-hand transactions remained unchanged from last year.