{"id":1239,"date":"2020-10-07T08:45:58","date_gmt":"2020-10-07T08:45:58","guid":{"rendered":"https:\/\/bricksandmortarmgt.com\/?p=1239"},"modified":"2020-11-11T02:19:54","modified_gmt":"2020-11-11T02:19:54","slug":"%e6%94%bf%e5%ba%9c%e9%87%8d%e5%a2%9e%e5%b1%85%e5%b1%8b%e6%8a%98%e6%89%a3-%e5%86%8d%e6%ac%a1%e5%a5%bd%e5%bf%83%e5%81%9a%e5%a3%9e%e4%ba%8b-govt-hiking-hos-discounts-raises-moral-hazard","status":"publish","type":"post","link":"https:\/\/bricksandmortarmgt.com\/zh_hk\/2020\/10\/%e6%94%bf%e5%ba%9c%e9%87%8d%e5%a2%9e%e5%b1%85%e5%b1%8b%e6%8a%98%e6%89%a3-%e5%86%8d%e6%ac%a1%e5%a5%bd%e5%bf%83%e5%81%9a%e5%a3%9e%e4%ba%8b-govt-hiking-hos-discounts-raises-moral-hazard\/","title":{"rendered":"\u653f\u5e9c\u91cd\u589e\u5c45\u5c4b\u6298\u6263 \u518d\u6b21\u597d\u5fc3\u505a\u58de\u4e8b Govt hiking HOS discounts raises moral hazard"},"content":{"rendered":"

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\u7136\u800c\u5e02\u5834\u666e\u904d\u5c0d\u65b0\u653f\u7b56\u4e0d\u5b58\u5962\u671b\uff0c\u5982\uff1a\u7345\u5b50\u5c71\u5b78\u6703\u8a55\u8ad6<\/a>\u6307\u51fa\u82e5\u5c07\u5c45\u5c4b\u5927\u5e73\u8ce3\uff0c\u52e2\u5fc5\u5438\u5f15\u5927\u91cf\u516c\u5c4b\u7da0\u8868\u6236\u7533\u8acb\uff0c\u5e02\u6c11\u5b9a\u6703\u62b1\u8457\u300c\u4e0d\u57f7\u8f38\u300d\u7684\u5fc3\u614b\uff0c\u5148\u4ea4\u8cc7\u52a9\u623f\u5c4b\u7533\u8acb\uff0c\u4ee4\u8cc7\u52a9\u623f\u5c4b\u9700\u6c42\u4eba\u70ba\u63a8\u9ad8\u4f46\u771f\u6b63\u6709\u9700\u8981\u7684\u5e02\u6c11\u66f4\u96e3\u53d7\u60e0\u3002\u7576\u6a13\u5e02\u9006\u8f49\u5f8c\uff0c\u53d7\u8cc7\u52a9\u623f\u5c4b\u6236\u4e3b\u66f4\u6703\u9996\u7576\u5176\u885d\uff0c\u8dcc\u5165\u88dc\u5730\u50f9\u7684\u7121\u5e95\u6df1\u6f6d\u3002\u6e2f\u5e9c\u53e6\u4e00\u65b0\u653f\u2014\u2014\u5f15\u5165\u7a7a\u7f6e\u7a05\u4ea6\u4e0d\u8a0e\u597d\uff0c\u5e02\u5834\u5b78\u754c\u5df2\u8af8\u591a\u6279\u5224\u4e4b\u8fad\uff01\u800c\u4fe1\u5831\u5c08\u6b04\u300a\u7d93\u6fdf3.0\u300b<\/a>\u66f4\u4e00\u77e2\u4e2d\u7684\uff0c\u8cb6\u6b64\u8209\u70ba\u300c\u65e2\u4e0d\u6cbb\u6a19\u4e5f\u4e0d\u6cbb\u672c\uff0c\u53ea\u70ba\u5ba3\u6d29\u4e00\u4e0b\u5e02\u6c11\u7684\u6028\u61a4\u800c\u5df2\u3002\u300d

\u5176\u5be6\u65e9\u65bc2014\u5e747\u6708<\/a> \u300a\u5c45\u5c4b\u653f\u7b56 \u597d\u5fc3\u505a\u58de\u4e8b\u300b\u4e00\u6587\u4e2d\uff0c\u7b46\u8005\u5df2\u4f5c\u51fa\u6df1\u5165\u5206\u6790\uff0c\u8b49\u660e\u6bcf\u7576\u6a13\u50f9\u9ad8\u6f32\uff0c\u653f\u5e9c\u9762\u5c0d\u653f\u6cbb\u58d3\u529b\u5c31\u6703\u589e\u52a0\u5c45\u5c4b\u6298\u6263\uff1b\u53ef\u60dc\u5c45\u5c4b\u6298\u6263\u88ab\u589e\u5927\u6642\uff0c\u5f80\u5f80\u4ea6\u662f\u6a13\u50f9\u898b\u9802\u4e4b\u523b\uff01\u53ef\u6190\u672c\u4f86\u5728\u79c1\u4eba\u5e02\u5834\u80fd\u529b\u6700\u5f31\u7684\u5e02\u6c11\uff0c\u537b\u56e0\u653f\u5e9c\u7684\u717d\u52d5\u800c\u5728\u5e02\u9802\u8cfc\u5165\u5c45\u5c4b\uff0c\u518d\u4e4b\u5f8c\u7684\u8dcc\u5e02\u6700\u6709\u53ef\u80fd\u6dea\u70ba\u8ca0\u8cc7\u7522\u4e00\u65cf\u3002
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Last week, Hong Kong government has finally yielded to temptation, announcing a set of public housing policies including a higher subsidized discount on the price of home ownership scheme purchases and the introduction of the city\u2019s first vacancy tax.\u00a0
The market commentaries that followed are far less optimistic of the effect of the new policy, for example, The Lion Rock Institution<\/a> wrote in the Hong Kong Economic Journal that \u201csuch measures would make it harder for the needy to buy their homes as the perceived cheaper entry prices would attract way more applicants than normal, and create a false sense of demand\u2026 in the end, the beneficiaries of the policy may become victims trapped in a home when the market turns down.\u00a0In addition, the proposed new vacancy tax has also been widely criticized for its ineffectiveness, and none has summed it up as succinctly as the HKEJ article<\/a> as \u201cthis tax neither treats the disease nor its symptoms, and is launched purely to vent the discontent among the masses\u201d.

Your author has written way back in July 2014 about this phenomenon in this article: \u300a\u5c45\u5c4b\u653f\u7b56 \u597d\u5fc3\u505a\u58de\u4e8b\u300b<\/a>, showing that every time home price reached a peak, the government widened the discount levels of HOS. The immediate sad outcome of this policy is that the public with the least ability to afford a home would be incentivized by the government policy into buying a property right at the peak \u2013 also the time they ought to avoid entering the market.
Updated graphs and charts from the article above are being refreshed and will be posted here. It really is time to stop interfering in housing even more, and reverse course before the Hong Kong property market becomes another victim of planned economy dogma.<\/p>","protected":false},"excerpt":{"rendered":"

…<\/p>\n

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