More and more units at the end of the cargo

The Secretary for Transport and Housing, Chen Fan, stressed at the special meeting of the Finance Committee of the Legislative Council yesterday that there are more and more vacant flats and it is necessary to introduce vacant tax. The government is drafting a vacant building. The legislative proposal for tax will be submitted as soon as possible. He reiterated that the government does not want to stand on the opposite side with the developers, but it is necessary to take measures to bring the completed houses to the public as soon as possible.

The housing supply is in short supply and the living conditions of the citizens are severe. Chen Fan said that he noticed that there are more and more cargo units in the market. He explained earlier that the Government has introduced a vacant tax. It is not intended to crack down on and curb property prices. It only hopes to increase the supply of the property market and allow first-hand flats to launch the market as soon as possible.

Scholars believe that the introduction of vacant taxes does not have much impact on property prices because developers have no reason to cut prices. Mr. Zhuang Taiquan, executive director of the Institute of Global Economics and Finance of the Chinese University of Hong Kong, said earlier that if vacant taxes are to be introduced, first-hand and second-hand properties should be treated equally. For specific practices, please refer to foreign experience and let the owners fill out the form on their own to explain whether they have vacant units and vacant time.

Individual property developers bid for sales arrangements or illegal

In addition, Chen Fan pointed out that the Government has noticed that some single-handed residential property projects have been offered for sale in the form of tenders. The transparency of the sales process is not satisfactory.

The first-hand residential property sales supervision bureau has earlier found that there are insufficient transparency in the case sales method and transaction data. It may violate the “First-hand Residential Property Sales Ordinance”. It is currently investigating and will collect evidence and strictly enforce the Ordinance. The SFC reminds the trade to list the details of the payment in the transaction register to enhance the transparency of the transaction information so that buyers can clearly grasp the market conditions.

Apart from the SFC, the Estate Agents Authority is also conducting an investigation and issuing a letter to the estate agent reminding them to ensure that the estate agents are strictly involved in the relevant Ordinances and the guidelines of the Administration.

Industry consensus 20% public offering

Earlier, the Real Estate Developers Association held a meeting to discuss the new tenders. After the meeting, the members announced that they had reached a consensus. When the non-luxury new flats were first sold, 20% of the units had to be publicly offered and the price list was listed. After the meeting, the Chairman of the Executive Committee, Mr Leung Chi-kin, said that how the luxury flats should be handled should be left to the developer’s discretion because it does not affect the public. He also said that this consensus will inform members who are not present at the meeting. Of course, some members do not agree. According to past experience, most members will abide by it. If the cargo unit needs to conduct bidding, the relevant documents should also be submitted to the sales supervision bureau. However, the definition of luxury homes and non-luxury homes is still in the process of discussion.