Government to curb property speculations

The Government would introduce two measures to increase costs of residential property transactions in a bid to curb speculation, the Chief Executive, Mr Chui Sai On, said today. Attending a question-and-answer session of the Legislative Assembly, Mr Chui said the Government planned to introduce a special stamp duty for short-term property transactions: Sellers of residential properties (completed or uncompleted) within the a year of purchase will be levied 20 per cent of the transaction price, while the levy for transaction in the second year after purchase would be 10 per cent. He said the Government would soon submit a bill to the Assembly to introduce the special stamp duty. The Government would also tighten the mortgage ratio for uncompleted residential units: the maximum loan-to-value (LTV) ratio for equitable mortgage loans granted to Macao residents and non-Macao residents should not exceed 70 per cent and 50 per cent respectively. The Monetary Authority of Macao would issue guidelines to financial institutions, he said. These two measures would raise the cost of speculation in the property market and strengthen risk management of mortgages for uncompleted residential units, he said. The Government would further regulate the transactions of uncompleted residential units by legislation to protect the rights of buyers and the healthy development of the property market. Speaking on the construction of public housing, he re-iterated that the Government would build 19,000 units as announced previously, and would make necessary decisions after the completion of these units. He said two lots originally planned to be sold by auction were now reserved for public housing. The tender procedures of the planned public housing construction will begin by June, he said.

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