HK implements new measures to cool property market

 　　HONG KONG, Feb. 22 (Xinhua) -- Two new measures to cool the property market will be introduced to reduce immediate¹ demand, John Tsang, Financial secretary of the Hong Kong Special Administrative² Region (HKSAR) government announced Friday.

　　The ad valorem stamp duties on both residential³ and non-residential properties would be doubled across the board. For transactions valued at two million HK dollars (about 258 thousand U.S. dollars) or below, the stamp duty will rise from a 100 HK dollars flat fee to 1.5 percent of the transaction's consideration. Tsang announced the measures at a press conference held Friday afternoon.

　　"We shall grant exemptions⁴ similar to those available in the existing Special Stamp Duty and Buyer's Stamp Duty regimes. The new stamp duty rates will not apply to Hong Kong Permanent Resident buyers who are not beneficial owners of any other residential property in Hong Kong at the time of acquisition of a residential property," Tsang said.

　　Under a new arrangement, stamp duty on a non-residential property will be charged on a sale and purchase agreement, instead of the current practice of charging it when a conveyance⁵ on sale of the property is executed.

　　"I expect it will help forestall⁶ any possible shift in exuberance⁷ from the residential market to the non-residential market," Tsang said, adding the two measures will take effect after midnight tonight. "Sale and purchase agreements signed today or previously⁸ will not be affected⁹."

　　In October last year, the HKSAR government introduced two new measures -- increasing the Special Stamp Duty rate and extending its restriction¹⁰ period, and introducing the Buyer's Stamp Duty. Transactions in November and December 2012 plunged¹¹ sharply as speculative¹² activities and non-Hong Kong Permanent Residents' demand subsided¹³.

　　The market regained¹⁴ momentum¹⁵ in January. Property prices rose 2 percent in January, and have continued to rise. Prices have increased 120 percent compared to 2008. The affordability¹⁶ ratio rise to 52 percent in the fourth quarter last year, and this ratio would rise to 68 percent if the interest rates were to go up by just three percentage points.

　　The price of non-residential properties has also soared. In 2012, the price of retail¹⁷ space surged 39 percent, offices 23 percent and flatted factory space 44 percent.

　　"We shall introduce the necessary legislative¹⁸ amendments¹⁹ to the Legislative Council as soon as possible. I hope that the Legislative Council will agree to empower me to adjust the value bands and rates of both the existing and new ad valorem stamp duty by means of subsidiary legislation so that adjustments can be made in a timely manner," Tsang said.

　　Tsang believes that the two new measures, together with the enhanced flat supply, will help cool the property market, adding he would not hesitate to introduce further measures.

　　The new measures' introduction shows the HKSAR government has been monitoring the property market, which will affect the financial system and the overall economy, Chief Executive CY Leung said.

　　"If the market continues to get overheated, we will introduce further demand-side management measures in a timely manner," Leung added.

1 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。

2 administrative   

adj.行政的，管理的

参考例句：

• The administrative burden must be lifted from local government.必须解除地方政府的行政负担。
• He regarded all these administrative details as beneath his notice.他认为行政管理上的这些琐事都不值一顾。

3 residential   

adj.提供住宿的；居住的；住宅的

参考例句：

• The mayor inspected the residential section of the city.市长视察了该市的住宅区。
• The residential blocks were integrated with the rest of the college.住宿区与学院其他部分结合在了一起。

4 exemptions   

n.（义务等的）免除( exemption的名词复数 )；免（税）；（收入中的）免税额

参考例句：

• The exemptions for interpretive rules, policy statements, and procedural rules have just been discussed. 有关解释性规则、政策说明和程序规则的免责我们刚刚讨论过。 来自英汉非文学 - 行政法
• A: The regulation outlines specific exemptions for some WPM. 答：该规定概述了某些木质包装材料的特定的例外情形。 来自互联网

5 conveyance   

n.(不动产等的)转让，让与；转让证书；传送；运送；表达；（正）运输工具

参考例句：

• Bicycles have become the most popular conveyance for Chinese people.自行车已成为中国人最流行的代步工具。
• Its another,older,usage is a synonym for conveyance.它的另一个更古老的习惯用法是作为财产转让的同义词使用。

6 forestall   

vt.抢在…之前采取行动；预先阻止

参考例句：

• I left the room to forestall involvements.我抢先离开了这房间以免受牵累。
• He followed this rule in order to forestall rumors.他遵守这条规矩是为了杜绝流言蜚语。

7 exuberance   

n.丰富；繁荣

参考例句：

• Her burst of exuberance and her brightness overwhelmed me.她勃发的热情和阳光的性格征服了我。
• The sheer exuberance of the sculpture was exhilarating.那尊雕塑表现出的勃勃生机让人振奋。

8 previously   

adv.以前，先前（地）

参考例句：

• The bicycle tyre blew out at a previously damaged point.自行车胎在以前损坏过的地方又爆开了。
• Let me digress for a moment and explain what had happened previously.让我岔开一会儿，解释原先发生了什么。

9 affected   

adj.不自然的，假装的

参考例句：

• She showed an affected interest in our subject.她假装对我们的课题感到兴趣。
• His manners are affected.他的态度不自然。

10 restriction   

n.限制，约束

参考例句：

• The park is open to the public without restriction.这个公园对公众开放，没有任何限制。
• The 30 mph speed restriction applies in all built-up areas.每小时限速30英里适用于所有建筑物聚集区。

11 plunged   

v.颠簸( plunge的过去式和过去分词 )；暴跌；骤降；突降

参考例句：

• The train derailed and plunged into the river. 火车脱轨栽进了河里。
• She lost her balance and plunged 100 feet to her death. 她没有站稳，从100英尺的高处跌下摔死了。

12 speculative   

adj.思索性的，暝想性的，推理的

参考例句：

• Much of our information is speculative.我们的许多信息是带推测性的。
• The report is highly speculative and should be ignored.那个报道推测的成分很大，不应理会。

13 subsided   

v.（土地）下陷（因在地下采矿）( subside的过去式和过去分词 )；减弱；下降至较低或正常水平；一下子坐在椅子等上

参考例句：

• After the heavy rains part of the road subsided. 大雨过后，部分公路塌陷了。 来自《简明英汉词典》
• By evening the storm had subsided and all was quiet again. 傍晚， 暴风雨已经过去，四周开始沉寂下来。 来自《现代汉英综合大词典》

14 regained   

复得( regain的过去式和过去分词 )； 赢回； 重回； 复至某地

参考例句：

• The majority of the people in the world have regained their liberty. 世界上大多数人已重获自由。
• She hesitated briefly but quickly regained her poise. 她犹豫片刻，但很快恢复了镇静。

15 momentum   

n.动力，冲力，势头；动量

参考例句：

• We exploit the energy and momentum conservation laws in this way.我们就是这样利用能量和动量守恒定律的。
• The law of momentum conservation could supplant Newton's third law.动量守恒定律可以取代牛顿第三定律。

16 affordability   

可购性

参考例句：

• Performance-Based Logistics Affordability: Can We Afford Categorical Conversion to Performance-Based Acquisition? 基于性能的后期的可承受性：能否担负得起向基于性能的采办的无条件的转变？
• There would be no crisis of affordability, as't for food or clothing. 就想食物与服装一样，因为供给没有危机。

17 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

18 legislative   

n.立法机构，立法权；adj.立法的，有立法权的

参考例句：

• Congress is the legislative branch of the U.S. government.国会是美国政府的立法部门。
• Today's hearing was just the first step in the legislative process.今天的听证会只是展开立法程序的第一步。

19 amendments   

（法律、文件的）改动( amendment的名词复数 )； 修正案； 修改； （美国宪法的）修正案

参考例句：

• The committee does not adequately consult others when drafting amendments. 委员会在起草修正案时没有充分征求他人的意见。
• Please propose amendments and addenda to the first draft of the document. 请对这个文件的初稿提出修改和补充意见。