{"id":3083,"date":"2019-05-16T10:46:20","date_gmt":"2019-05-16T10:46:20","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=3083"},"modified":"2021-06-04T14:24:44","modified_gmt":"2021-06-04T07:24:44","slug":"tax-tinkering-sparks-fury-in-hong-kong","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/tax-tinkering-sparks-fury-in-hong-kong\/","title":{"rendered":"Tax tinkering sparks fury in Hong Kong"},"content":{"rendered":"

Rebates favouring landlords angering those clamouring for more transformative policy change to the property market<\/p>\n

\"\"
Hong Kong. ESB Professional\/Shutterstock<\/figcaption><\/figure>\n

Hong Kong\u2019s housing, new residents are quick to learn, is something of a paradox:<\/span>\u00a0the city\u2019s thicket of towering skyscrapers belying the suffocating spaces where most of its residents retire at night.\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

Government officials routinely highlight the severe shortfall of affordable housing\u2014the result of ever-rising demand, limited land supply, powerful property developers\u2014as “a top priority”<\/span>\u00a0for reform.\u00a0So many were perplexed by news last April,\u00a0that new regulations would gift Hong Kong\u2019s largest landholders a wash of new tax returns.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

Hong Kong properties are subject to a\u00a0five percent\u00a0indirect tax on their rateable\u00a0value, or\u00a0estimated annual rent fee. But owners rarely pay the full rate.\u00a0<\/span>In recent years the government has offered one-off rates rebates as a relief measure to ease the burden on property owners.\u00a0<\/span>For the 2018-2019 budget, the city\u2019s Financial Services and the Treasury Bureau raised maximum quarterly tax concessions from HKD1,000 to HKD2,500 (USD127 to\u00a0USD318).<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

The\u00a0hike may not seem so significant, though small businesses and families will likely appreciate a small bonus. The real jackpot is for developers: the waiver applies not per property\u00a0owner\u00a0but property\u00a0owned, meaning the city\u2019s real estate super-gentry could be in for a major windfall.<\/span>\u00a0<\/span><\/p>\n

More: Why China is dithering on a national property tax<\/strong><\/a><\/p>\n

Hong Kong\u2019s 10 largest landlords control a combined 40,000 units, making them eligible for some HKD256 million (USD32.8 million)\u202funder the new tax breaks. The top owner alone would collect HKD102.6 million (USD13 million). That\u2019s a bit more than pocket-change.<\/span>\u00a0<\/span><\/p>\n

The proposed rate change was received with predictable public chagrin. The rebate is expected to cost the government HKD17.8 billion (USD2.3 billion), which critics argue would be better spent on healthcare, education, and social services than lining landlords\u2019 pockets.<\/span>\u00a0<\/span><\/p>\n

But the policy itself is nothing new. Hong Kong has offered a tax concession <\/span>to property owners since 2007-08. The initial ceiling was HKD5,000 per quarter\u2014double the 2018-19 rate.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

A property tax rebate is \u201cquite a favourite with the financial sector,\u201d if the government \u201chad a good year, [and] wants to give something away to reward the community,\u201d says Nicholas Brooke, chairman of real estate consultancy Professional Property Services Group Limited. And Hong Kong had quite the year: the government ran a record HKD138 billion (USD17.7 billion) budget surplus in 2017-18.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

Their\u00a0arguments favouring a tax rebate to help dole out this excess are also logistical, says Richard Cullen,\u00a0visiting\u00a0professor of\u00a0law at the University of Hong Kong.\u00a0A property tax concession is \u201cvery simple to operate,\u201d Cullen\u00a0says.\u00a0\u201cThe cost of implementation and making the payments are very low\u201d because the government\u00a0has already identified property rate payers. \u201cIt\u2019s pretty bulletproof.\u201d<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

Other giveaways risk getting mired in red tape. A planned HKD4,000 (USD510) cash handout for non-property owners has drawn heat for its onerous application process.\u00a0Similar welfare schemes \u201cgenerate the need for a huge amount of paperwork and organization,\u201d Cullen says,\u00a0whereas\u00a0a\u00a0property tax rebate\u00a0is \u201calmost the push of a button.\u201d<\/span>\u00a0<\/span><\/p>\n

A ‘skilled worker’ now faces 22 years<\/span>\u00a0of penny-pinching to afford a flat in the city, the latest UBS global housing survey estimates; in 2008, that wait was 12 years<\/span>\u00a0<\/span><\/p><\/blockquote>\n

But the new waiver has reignited complaints that Hong Kong is more interested in bestowing its largesse on the very wealthiest rather than reinvesting in social services. One lawmaker slammed <\/span>it as \u201creturning the wealth to the wealthy.\u201d<\/span>\u00a0<\/span><\/p>\n

For the rest, the picture is less rosy. Hong Kong was ranked<\/span> the world\u2019s least affordable city for housing for the ninth consecutive year in 2018 by urban planning consultancy Demographia. A \u201cskilled worker\u201d now faces 22 years<\/span>\u00a0of penny-pinching to afford a flat in the city, the latest UBS global housing survey estimates; in 2008, that wait was 12 years.\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

Chief Executive Carrie Lam\u00a0<\/span>called the housing crisis \u201cthe most important, most complicated,\u00a0and most serious problem\u201d facing the city.\u00a0As a result of stratospheric prices, an estimated\u202f3.3 million people\u201444.7\u00a0percent\u00a0of the population\u2014live in subsidized public housing. Another 268,500 are on a five-year waiting list.<\/span>\u00a0<\/span><\/p>\n

Hongkongers\u2019 objections to the tax waiver initially seemed successful. The government scaled back<\/span>\u00a0the rebate in December to apply just once per owner.\u00a0But Lam reversed course again in January, saying it would stand<\/span>\u00a0as initially proposed, because large property owners were found to be passing savings on to tenants. \u201cWhat may appear unfair on the surface may not be so in reality,\u201d she claimed.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

More: The rise of Hong Kong\u2019s nano homes<\/strong><\/a><\/p>\n

Brooke\u00a0agrees\u00a0it was \u201clogical\u201d for savings\u00a0to be transferred to tenants for rented apartments, because the property tax is an occupational charge rather than an ownership charge. \u201cMost responsible landlords will pass it on, but obviously there\u2019s no obligation,\u201d he\u00a0points out.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

Even if refunds do trickle down into tenants\u2019 pockets, \u201cthey won\u2019t help much,\u201d argues Jay Li Ting-Fung, chief campaigner for the Hong Kong Association for Democracy and People\u2019s Livelihood, a grassroots political organization.\u00a0Instead, Li\u00a0is calling\u00a0for more comprehensive reforms to \u201cstructural problems\u201d in the property market, from building more public housing to passing rent subsidies for residents in \u201cindecent\u201d conditions.\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

But reinstating rent controls, which Hong Kong abandoned in 1998, would be an arduous fight. The government\u2019s 2014 Long-Term Housing Strategy judged tenancy controls \u201c<\/span>counter-productive<\/span>,\u201d backing more construction as the \u201cfundamental solution\u201d to the city\u2019s housing woes. Lam\u00a0<\/span>warned<\/span>\u00a0in March that rent controls and subsidies \u201cwould only benefit property owners, not the tenants.\u201d<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

The government has numerous options to create more housing supply, experts\u00a0say, from developing rural \u201cbrownfield\u201d sites to a 10-year, HKD500 billion (USD63 billion) land reclamation project\u00a0that\u00a0would create some\u00a0<\/span>400,000 new flats<\/span>, 70 percent of them in new public housing projects. But many proposals have met with backlash from environmental activists as well as budget hawks, who predict ballooning long-term costs.\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

More: Chinese d\u00e9tente means more funds in the Philippines<\/strong><\/a><\/p>\n

A punitive\u00a0<\/span>vacancy tax<\/span>\u00a0could push developers to relinquish an estimated 9,000 completed but unsold properties, that critics charge are being hoarded until market conditions improve.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

In the interim, experts and industry watchers expressed frustration with the government\u2019s preference for incremental tax tinkering over transformative policy changes.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cWe\u2019re looking for leadership and we\u2019re looking for some major decisions by the administration,\u201d Brooke says. \u201cThe ball is very firmly in their court.\u201d\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

This article originally appeared in Issue No. 153<\/a> of PropertyGuru Property Report Magazine<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Rebates favouring landlords angering those clamouring for more transformative policy change to the property market <\/p>\n","protected":false},"author":8,"featured_media":20063,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[81],"tags":[136,171],"class_list":["post-3083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-depth","tag-hk","tag-hong-kong","news_country-hk-macau","news_author-eli-meixler"],"acf":[],"yoast_head":"\nTax tinkering sparks fury in Hong Kong | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/tax-tinkering-sparks-fury-in-hong-kong\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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