Impacts of Government Intervention on Housing Market and Tenure Choices in Hong Kong PDF Download

Author: Sai-Lun Paul Sin
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ISBN: 9781360982939
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Languages : en
Pages :

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Author: Sai-lun Sin (Paul)
Publisher:
ISBN:
Category : Home ownership
Languages : en
Pages : 276

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Languages : en
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(Uncorrected OCR) ABSTRACT In Hong Kong, due to the government's strong intervention in the housing market, the housing subsidy system and rationing on owner-occupation and the public rental housing sector have significant impact on households' tenure decisions. As laid down in the first and second Long Term Housing Strategy respectively in 1987 and 1998. the government adopted an active policy of promoting home ownership towards privatization via various subsidies, like the Home Ownership Scheme (I IOS) and the I lome Purchase Loan Scheme (HPLS). During this period, property ownership was also regarded as an inflation-resistant investment and an effective wealth accumulation vehicle. Unfortunately, the property market slump following the 1997 Asian Financial Crisis has come to mean Ihe cessation of the "wealth escalator" function of property ownership. In view of lackluster property market and the political pressure, the government took the unprecedented decision on 13 November 2002 to extricate itself from the role as a direct provider of subsidized sale flats, allowing market forces to address the problem. A new Home Assistance Loan Scheme (HALS) was introduced on 2 January, 2003 as a phase process. On 14 July 2004. the Hong Kong Housing Authority (HA) also ceased the provision of 1IALS in order to be freed from the heavy financial burden. Currently, the subsidized home ownership of 1 long Kong is abolished. It is noted that structural changes that characterize the housing and labor markets in the new age of global economy are creating some impact on housing market behavior. As the risks arising from the higher incidence of unemployment, low wage work and volatile housing prices increase, homeowners now prudently, re-assess the terms and conditions before committing to mortgage arrangements. This research centers on investigating the determinants of tenure choice from the approved purchasers of HALS and their views over producer and customer subsidies to home own.

Author: Yim-ling Sung
Publisher:
ISBN:
Category : Home ownership
Languages : en
Pages : 364

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Author: Tsz-Ping Choi
Publisher: Open Dissertation Press
ISBN: 9781361365199
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Languages : en
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This dissertation, "Government Intervention in Property Market and Its Public Response: a Study of Stamp Duties and Other Measures in Hong Kong" by Tsz-ping, Choi, 蔡子平, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: This paper studies the effect of government measures on Hong Kong's property market. Government intervention appeared to describe the involvement and engagement of government in property market. Nowadays, the problems of supply-demand imbalance exist in Hong Kong's property market, leading to high property price. The government is liable to intervene in the market in order to maintain the stability of economy and society. For demand-side measures, the government introduced three property cooling measures on stamp duty taxation adjustments and successfully stabilized the overheated residential property market. For supply-side measures, the government regularly initiated the role of Annual Land Sale Programme. The resumption of Home Ownership Scheme (HOS) in 2011 also increased the supply of housing to middle-income households and youngers to fulfill their aspiration of homeownership. A questionnaire survey was conducted to collect public responses on the above government measures and results showed that most of the respondents supported the above government measures. DOI: 10.5353/th_b5334566 Subjects: Residential real estate - Government policy - China - Hong Kong

Author: Wai-Yin Lam
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ISBN: 9781360974248
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Languages : en
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This dissertation, "An Evaluation of the Impact of the Downfall of Property Market on Tenure Choice in Hong Kong" by Wai-yin, Lam, 林偉賢, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. DOI: 10.5353/th_b4500821 Subjects: Housing - Prices - China - Hong Kong Home ownership - China - Hong Kong Landlord and tenant - China - Hong Kong - Attitudes

Author: Wai-yin Lam (M.Hous.M.)
Publisher:
ISBN:
Category : Home ownership
Languages : en
Pages :

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Author: Jiancong Liang
Publisher: Open Dissertation Press
ISBN: 9781361382202
Category :
Languages : en
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This dissertation, "Factors Affecting Tenure Choice in Hong Kong" by Jiancong, Liang, 梁健聰, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: This study investigates the factors that affect the home-ownership propensity of households using a modified two-period equilibrium model. In particular, the study examines the impacts of some social, political and economic factors that in theory should affect housing tenure choice but have limited empirical evidence so far. To test the impacts of these factors, five sets of Hong Kong Census and By-Census cross sectional data over the period from 1991 to 2011 were used to estimate Binary Logit Models. Further robustness tests were conducted using sub-sample of the entire dataset. There are three key empirical findings that contribute to the existing body of knowledge in housing tenure choice. First, it is found that the positive income effect on home-ownership propensity found in previous studies can be reversed by political risk. There is strong evidence which suggests that income has negative impact on home-ownership propensity during periods of high political uncertainty. The handover of Hong Kong to China in 1997 was used as an event to study how political uncertainty would influence the effect of household income on housing tenure choice. Before the handover of Hong Kong in 1997, risk-averse households with high income in Hong Kong tended to be tenants rather than owner-occupiers so as to reduce their moving cost and increase mobility. High income households tended to be more internationally mobile and could migrate to other countries more easily, while households with low income were less internationally mobile and hence their housing tenure choice was less affected by political risks. The income effect on home-ownership propensity turned positive after the handover in 1997, when most of the political uncertainties were removed. Second, this study shows that policies that encourage inflow of capital to Hong Kong has an unintended consequence of depressing the home-ownership rate of local households. Empirical results in this study suggest that local households are less likely to be owner-occupiers after the implementation of Capital Investment Entrant Scheme (CIES) and the Individual Visit Scheme (IVS) in Hong Kong in 2003. These policies have increased non-local demand for housing. Even after temporary suspension of housing as a class of Permissible Investment Assets (PIA) on 14 October 2010, successful applicants under the scheme, who are usually very rich, could afford and tend to buy their own housing units in Hong Kong. Due to the inelastic supply of developable land in Hong Kong, increased demand from immigrants had driven up housing prices, making housing less affordable to many local people. In addition, the IVS implemented at about the same time have also contributed to the surging demand for housing from non-local buyers, since the IVS has made visiting Hong Kong for people from Mainland China much easier than before. Due to the limited supply of developable land and appreciation of the RMB, some visitors from Mainland China find it attractive to buy housing units in Hong Kong for investment or self-consumption purposes. Finally, the impact of local language proficiency on tenure choice is another major finding in this study that was not investigated in the past. Compared to non-Chinese speakers in Hong Kong, Chinese speakers, especially Cantonese speakers, are more likely to be owner-occupiers. There are two potential explanations - cultural fit and transaction costs. The cultural fit

Author: Mimi Wong
Publisher:
ISBN:
Category : Housing
Languages : en
Pages : 136

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Author: Shu Wang
Publisher:
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Category :
Languages : en
Pages : 74

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The objective of this thesis is to investigate the effects of land supply on housing prices in Hong Kong. Studies will be carried out to define whether there are any correlation between land supply, housing supply and residential property prices. In order to better understand Hong Kong's housing market, this study will first present a background of establishment of Hong Kong's land tenure system, land administration system and the government's land sale process, while trying to answer the question of whether the perceived shortage in housing supply is a direct consequence of the shortage in government's land supply. The study then examines the concentration of market shares among a handful of developers and the high barrier to entry that have resulted in such anti-competitive environment. The study analyzes the leading developers' competitive advantages in terms of land bank and financial strength, and their housing supply strategies in relation to the government's land supply decisions. This paper will then insert the theoretical findings into realistic settings of Hong Kong's housing development industry, and apply the methodology of event study to detect the impact of real estate companies' development strategies and how it alters the perceived relationship between the supply of land and the supply of housing. By simultaneously considering the effects of development strategies with government land policies, the paper aims to better evaluate governments measure to regulate housing market and hope to recommend more effective policies on residential land supply in Hong Kong.