The Minister says they have achieved their goal, whatever that is. Apparently freezing up the market is a Good Thing. 15% Buyer's Stamp Duty and 8.5% Double Stamp Duty are still not law and will not be payable if the law is not passed. We urge readers to write to the LegCo bills committees to demand that they veto the proposals.

K C Chan is satisfied - are you?
28 June 2013

Secretary for Financial Services and the Treasury, Ceajer Chan Ka Keung, in the SCMP (paywall) today says about the (still not law) 15% Buyer's Stamp Duty (BSD) and 8.5% Double Stamp Duty (DSD):

 "we don't have sufficient evidence to justify a change in our policies".

But they didn't have any evidence to justify introducing these policies in the first place! He sees volume reduction as somehow good:

 "we have seen the transaction numbers drop over the past few months and have achieved our goal."

What goal? Freezing up the market? Putting estate agents and conveyancers out of work? Locking commercial owners into their properties and forcing commercial tenants to continue renting rather than buying? Deterring talented foreigners from moving to HK and adding their skills to the economy? Well done Mr Chan, you have indeed achieved your goal. It is an own-goal for the economy, but don't let that, or a fundamental misconception that DSD is a "demand-side" measure, keep you awake.

Get involved!

Readers: it is still not too late to kill Buyer's Stamp Duty and Double Stamp Duty. Legislators have not approved either. If the respective laws are not passed, then the duty will never be payable. Please oppose both, by writing to the two Bills Committees currently reviewing the draft legislation.

Your e-mail does not need to be long - you can just state your objection and preferably give a reason.

© Webb-site.com, 2013

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