In those year : the property market bubble burst fades after 5 years
Split by the first-hand property prices triggered a downward adjustment of a scene,Hong Kong people will not be unfamiliar.July 1997,the joy of riding reunification,when prices rally as fiery as in recent years,the Central Plains index (CCL) more rose through 100
points,breaking the record at that time.Unexpectedly,after return shortly,the outbreak of the Asian financial crisis,the stock market slump,economic and housing downturn,the emergence of negative equity,unemployment soared,the owners repossessed foreclosures resulting increase until 2003 outbreak of "SARS",the central and Hong Kong signed CEPA and the launch of "individual visit" to save Hong Kong,the property market was stabilized.
106,000 negative equity wealth evaporate
Starting from the peak in 1997 to 2003,a full five years fell,CCL by the June 1997 of 103.82 points,fell in August 2003 historic low of 31.77 points,a drop of 69.4%,how many people go bankrupt,how many people wealth is evaporated.The original benevolent,when he was Chief Executive Tung Chee-hwa 's " eighty-five thousand " policy,to become the scapegoat of the property market down.Number of negative equity in June 2003 hit a new high of 106,000 in negative equity until the second season of 2012 was the first time disappear.
Terror is that when the property market decline has become the situation,the government can't do anything for this.Tung Chee-hwa,the SAR team even has suspended land sales cessation SCHS,the moratorium to 2003 outbreak of SARS vowed he HOS flats,no more than 5 consecutive
years to increase supply,the Government also fall into deficit.
Stop selling the land in order to bailout the market,the government subsidence deficit
When developers want to sell their flats,sale,pushing concessions,and even eclipse sell,the same tricks abound.Of which 2002 sale of Kowloon Station Sorrento.At that time many developers launched Wharf offers,including one,two by the first two years interest-free,free for concessions and mortgage rates as low as 1% ,equivalent to the total number of preferential prices ranging from semi to 12%.It has launched for flat purchasers will enjoy 60 days of auction expertise,but also through the acquisition of the disc major leading agency exempted disposal of property currently held by the commission,discount practices emerging,but at that time the property market also plays no role.
Today: The turnover shrank,big dumping in order to chase the targets
Price index ( Centraline CCL) rose by about 26% since last year,stabilized at a record high of 120 points.Government "3D spicy tax",ie an additional stamp duty (SSD),buyer stamp duty (BSD) and double stamp duty (DSD) after the introduction of Transaction dwindling half,hit harder on the mansion,trading plunged nine percent.Spicy trick by watching the first half of the primary sale of new cases and under the influence of the developer in the first half -year sales fell 21% in the August primary floor Because there are several possible "immunity" Penny site launched,so it become active again.
Have to face the reality reduced the price in order to got undertaken
However,selling Penny property sales to meet the target of this year are not easier than what it said,the developers recently finally face
the reality,willing to split the price.Some developers frankly,must be reduced to the price the market is willing to undertake.So buy a second suite for the local people of Hong Kong and mainland visitors enter the market cost incentives,varied launched,overtly or covertly,are discounted in order to have buyers willing to accept the goods.
Senior Surveyor Tony Chan pointed out that developers reflect the preferential Thereafter,two percent lower than second-hand price level
pricing mansion up for sale West Kowloon unsold flats, representing a substantial rebate is based on a special stamp 70 percent as an attraction,which is based on subsidies most buyers of entry tax to mitigate the cost,no doubt successfully attracted to some of the accumulation of purchasing power.However,past experience shows secondary units that in the same district bound therefore under pressure,as in the case of individual owners eager to cash,must be lower than the asking price of the new properties,as will be easier to sell property successfully,so it is forming a downward of the property market.
Secondary market follow,turns reduce the price
Mr Tony also considers the current polls,expected the " spicy move " Taxation by the Government is not easy to substantial amendments in the Legislative Council,the property market will continue shrinking turnover.The Hong Kong's economic performance next year will shrivel than this year,under the trend of the new property discounted the price driven by,the overall property price may slowly down to a maximum of 20%,as of small and medium strong demand for residential property prices in the rigid,the relatively narrow range may be reduced by 5% to 10%.
