the land hall was ruined by martial arts
Six or seven years ago, CY launched BSD, that is, non-Hong Kong people or those who buy a property with a limited company must pay 30% of the stamp duty. The government believes that BSD can suppress the desire of foreigners to buy property in Hong Kong, thus slowing down the property market. The effect is indeed, but it is very short, because people who buy a building with a limited company have to pay a 30% stamp duty, but they can use the company to transfer the property in the future. The buyer does not have to pay any property stamp duty, even the basic stamp duty does not need to be used. Pay, in other words, property prices can be sold higher. Therefore, there have always been non-Hong Kong people who are willing to pay high BSD stamp duty to buy Hong Kong property, because it is only a one-time tax payment. In the future, the property transfer will be handed over to the company registration office, and the martial arts of the Land Hall will be directly abolished.
The biggest function of the land hall is to do the property transfer check, especially when the transferred property is built, the land hall will be registered, commonly known as the contract, if the property is not cleared or restored, the property can not be transferred, However, it is different to hold those properties with a limited company. Although it is required to pay 30% at the beginning, it will be free to transfer in the future. It is necessary to pay attention to any removal orders, etc., although the contract of the Land Office is still valid, but the nails are still nailed. The transfer is also transferable. Although the purpose of BSD is to suppress property prices, it actually makes more buildings appear.
Many of the construction projects have the effect of upgrading property prices. This is a problem that the government has not considered when launching BSD. Even if the BSD is relaxed now, it would be better to continue the implementation, so that the Treasury will have more income.