{"id":117464,"date":"2020-07-01T06:00:07","date_gmt":"2020-06-30T23:00:07","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kongs-deferred-vacancy-tax-carries-a-us279-million-price-tag-adding-to-the-financial-woes-of-a-recession-busting-budget-deficit\/"},"modified":"2020-07-01T06:03:16","modified_gmt":"2020-06-30T23:03:16","slug":"hong-kongs-deferred-vacancy-tax-carries-a-us279-million-price-tag-adding-to-the-financial-woes-of-a-recession-busting-budget-deficit","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kongs-deferred-vacancy-tax-carries-a-us279-million-price-tag-adding-to-the-financial-woes-of-a-recession-busting-budget-deficit\/","title":{"rendered":"Hong Kong\u2019s deferred vacancy tax carries a US$279 million price tag, adding to the financial woes of a recession-busting budget deficit"},"content":{"rendered":"


\nHong Kong\u2019s government may have lost at least HK$2.16 billion (US$278.68 million) in tax income in the current financial year, after the city\u2019s legislature failed to pass a two-year old law to collect a vacancy tax on developers hoarding completed homes.The foregone receipt was calculated based on a 5-per cent levy on 3,945 unsold homes with HK$43.2 billion in estimated value that were left unsold for more than a year after receiving their occupation permits between June 2018 and May 2019,\u2026
\n
\nSource : South China Morning Post
\nRead more…Hong Kong\u2019s deferred vacancy tax carries a US9 million price tag, adding to the financial woes of a recession-busting budget deficit<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Hong Kong\u2019s government may have lost at least HK$2.16 billion (US$278.68 million) in tax income...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-117464","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-uyA","jetpack-related-posts":[{"id":94207,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/yuen-long-villas-cut-prices-by-25-per-cent-becoming-the-first-casualties-of-hong-kongs-vacancy-tax\/","url_meta":{"origin":117464,"position":0},"title":"Yuen Long villas cut prices by 25 per cent, becoming the first casualties of Hong Kong\u2019s vacancy tax","date":"July 19, 2018","format":false,"excerpt":"\r Several Hong Kong developers are cutting prices for the first time in three years, slashing as much as 25 per cent off their quotations, becoming the first casualties of the city government\u2019s vacancy tax that was imposed to deter hoarding and boost supply. Paliburg Holdings and Regal International, two\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104461,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-worlds-first-half-profit-rises-29-per-cent-propelled-by-surging-home-sales-in-hong-kongs-property-bull-market\/","url_meta":{"origin":117464,"position":1},"title":"New World\u2019s first-half profit rises 29 per cent, propelled by surging home sales in Hong Kong\u2019s property bull market","date":"February 27, 2019","format":false,"excerpt":"\r New World Development, Hong Kong\u2019s fourth-largest developer by value, posted the biggest jump in interim earnings in two years, propelled by rising home sales in the first half of its financial year, as it cleared unsold property off its books before a proposed vacancy tax takes effect.The developer\u2019s core\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":92168,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-demand-helps-developers-clear-housing-stock-before-hong-kong-slaps-vacancy-tax-on-hoarders\/","url_meta":{"origin":117464,"position":2},"title":"Home demand helps developers clear housing stock before Hong Kong slaps vacancy tax on hoarders","date":"June 23, 2018","format":false,"excerpt":"\r Hong Kong\u2019s property buyers braved a downpour to snap up more than a hundred unoccupied apartment units, helping developers clear the unsold stock ahead of a government plan to impose a so-called vacancy tax to deter hoarding. As many as 111 units, or 63 per cent of the 176\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":106135,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/vacancy-tax-is-a-short-term-solution-to-hong-kongs-long-term-housing-shortage-crisis\/","url_meta":{"origin":117464,"position":3},"title":"Vacancy tax is a short-term solution to Hong Kong\u2019s long-term housing shortage crisis","date":"April 16, 2019","format":false,"excerpt":"\r The Hong Kong government plans to introduce a vacancy tax on empty new flats to pry open supply bottlenecks by imposing fines on developers for hoarding new homes. Under the proposed legislation, a tax equivalent to twice the estimated annual rental value will be levied on flats that remain\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":110833,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pressure-from-beijing-looming-vacancy-tax-will-force-hong-kongs-developers-into-faster-and-cheaper-project-launches-say-analysts\/","url_meta":{"origin":117464,"position":4},"title":"Pressure from Beijing, looming vacancy tax will force Hong Kong\u2019s developers into faster and cheaper project launches, say analysts","date":"September 17, 2019","format":false,"excerpt":"\r Hong Kong\u2019s developers are coming under mounting pressure to slash their prices and offload new projects as quickly as possible, according to analysts.The pressure is coming from two sources: a looming tax on unsold flats, and a series of Chinese state-media commentaries last week urging the Hong Kong government\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":93989,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kongs-proposed-vacancy-tax-could-have-this-one-unintended-consequence-on-home-builders\/","url_meta":{"origin":117464,"position":5},"title":"Hong Kong\u2019s proposed vacancy tax could have this one unintended consequence on home builders","date":"July 17, 2018","format":false,"excerpt":"\r The Hong Kong government\u2019s plan to impose a vacancy tax on property developers who hoard empty, unsold flats could have the unintended consequence of spurring home builders to reclassify some units for the rental market. Sun Hung Kai Properties (SHKP), which has the biggest hoard of completed flats, said\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/117464"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=117464"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/117464\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=117464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=117464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=117464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}