Stamp Duty Revised for the second passage

WASHINGTON (Reuters) – The Legislative Council last night passed 51 votes in favor and 5 against it. The Bill was amended by the Second Reading of the Stamp Duty. The Secretary for Transport and Housing, Mr Chan Fan, has revised or weakened the effectiveness of the measures or has been hype by the market as “spicy” to make the property market more hot.

The Bill proposes the implementation of the “new hot market” introduced by the Government in November last year. The tax rate for residential property stamp duty is set at 15%. Democratic Party Tu Jingshen and the Democratic Progressive Alliance Zhou Haoding will propose amendments to relax the tax rebate mechanism, the buyer for the period of change, from the original six months, extended to 9 months or 1 year.

Chen Fan worries the effect of weakening measures

Zhou Hao Ding said that the amendment can change the floor for a more flexible arrangement, activation of second – hand property market. Mr Tung also supported the Bill, but thought that the Government should actively increase the supply of housing, otherwise it would be the same as that of the former Chief Executive, Mr Leung Chun-ying. The KMT Guo Jiaqi also supported the draft, but criticized the government unable to solve the housing problem, relying on hot strokes to curb the property market, practices unsightly.

Real estate and construction sector member Shi Liqian opposed the draft, referring to the stamp duty imposed by Liang Zhenying, without consideration, property prices rose five percent in his office, ridicule is Liang Zhenying’s “achievements”; and criticize the new government to continue the previous government Wrong, unacceptable. Construction, measurement, urban planning and garden boundary YAO Song-yan also pointed out that the objection to the Bill and Members revised that housing prices in the “hot strokes” is still on the stage, reflecting the “hot strokes” helpless to curb property prices.

Chen Fan concludes by saying that Members have amended or have no intention to change their flats to take up more than one property in a long time to take profits and weaken the effectiveness of the measures. Any relaxation arrangements may be hype by the market as ” “, So that the property market is more hot, so the Government that is not suitable for relaxing for the floor.