HK implements new measures to cool property market
英语课
HONG KONG, Feb. 22 (Xinhua) -- Two new measures to cool the property market will be introduced to reduce immediate 1 demand, John Tsang, Financial secretary of the Hong Kong Special Administrative 2 Region (HKSAR) government announced Friday.
The ad valorem stamp duties on both residential 3 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 exemptions 4 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 conveyance 5 on sale of the property is executed.
"I expect it will help forestall 6 any possible shift in exuberance 7 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 previously 8 will not be affected 9."
In October last year, the HKSAR government introduced two new measures -- increasing the Special Stamp Duty rate and extending its restriction 10 period, and introducing the Buyer's Stamp Duty. Transactions in November and December 2012 plunged 11 sharply as speculative 12 activities and non-Hong Kong Permanent Residents' demand subsided 13.
The market regained 14 momentum 15 in January. Property prices rose 2 percent in January, and have continued to rise. Prices have increased 120 percent compared to 2008. The affordability 16 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 retail 17 space surged 39 percent, offices 23 percent and flatted factory space 44 percent.
"We shall introduce the necessary legislative 18 amendments 19 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.
adj.立即的；直接的，最接近的；紧靠的
- His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
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adj.行政的，管理的
- 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。
adj.提供住宿的；居住的；住宅的
- The mayor inspected the residential section of the city.市长视察了该市的住宅区。
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n.（义务等的）免除( exemption的名词复数 )；免（税）；（收入中的）免税额
- 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
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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
- 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。
vt.抢在…之前采取行动；预先阻止
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n.丰富；繁荣
- 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。
adv.以前，先前（地）
- 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。
adj.不自然的，假装的
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n.限制，约束
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v.颠簸( plunge的过去式和过去分词 )；暴跌；骤降；突降
- The train derailed and plunged into the river. 火车脱轨栽进了河里。
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adj.思索性的，暝想性的，推理的
- Much of our information is speculative.我们的许多信息是带推测性的。
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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
- 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》
复得( regain的过去式和过去分词 )； 赢回； 重回； 复至某地
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n.动力，冲力，势头；动量
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- 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。
可购性
- 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？
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v./n.零售；adv.以零售价格
- In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
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n.立法机构，立法权；adj.立法的，有立法权的
- Congress is the legislative branch of the U.S. government.国会是美国政府的立法部门。
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（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
- 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。
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