Chen Yongjie, vice chairman of the Asia Pacific region and president of the residential department of Centaline Real Estate, said that since March this year, the United States has raised interest rates five times, and Hong Kong also raised the prime interest rate by 0.125% last month. Fluctuations and lack of confidence among buyers in entering the market have further shrunk the transaction in the property market. Among them, there were only more than 600 first-hand purchases in September, hitting a half-year low, and developers did not dare to rush to sell when the market sentiment cooled.
Chen Yongjie pointed out that the Central Plains City Leading Index CCL has recorded a decline of more than 10% this year, returning to the level in February 2019. Many recent transactions have required losses. And property prices have dropped by more than 10% from their high levels, and many buyers who have entered the market with high-percentage mortgages in recent years have even fallen into a crisis of negative equity. Chen Yongjie described that the property market has entered an "ice age", and the hot tricks launched earlier for the hot property market are out of date, and insisting on giving antipyretics when the property market is "chilling" will make the property market ill.
Huang Jianye on the property market
three recommendations
⒈Revert the 15% ad valorem stamp duty to double stamp duty DSD to activate the building replacement chain;
⒉ Lower the buyer's stamp duty BSD rate or cancel the BSD tax to attract talents and capital to buy properties in Hong Kong;
⒊Cancel the SSD, or return the term and tax rate to those before the "enhanced version".
