Gov’t pays attention to HK’s taxes on first-hand sale of vacant properties

Residential buildings stand in Hong Kong

The Financial Service Bureau (DSF) says that it will pay close attention to Hong Kong’s levying of new taxes on first-hand residential units which have remained unsold for a period of time after completion.

DSF’s comment came out in a reply to lawmaker Song Pek Kei’s written inquiry, which proposed that the government review the law concerning the first-hand purchase of a residential property when it is unfinished.

DSF answered that the bureau will observe changes in Hong Kong’s market, particularly with regard to the demand and supply of housing units and prices.

The bureau also indicated that it will research the feasibility of a similar measure for Macau.

According to DSF, Macau and Hong Kong’s housing markets are different in nature, as are their real estate regulations.

Most of Macau’s vacant properties were built before 2000. Last year, there were also some vacant homes due to the completion of new housing projects.

DSF believes that these houses cannot be regarded as first-hand vacant properties.

According to the official statistics, until the end of 2017, there were 15,252 vacant properties (2,300 first-hand) in Macau, representing a vacancy rate of 6.8 percent.

Categories Macau