society
Policy Address 20/21: Property agents welcome but remain skeptical towards commercial property tax abolition
- 2020-11-25
- Society
- The Young Reporter
- By: Zhu Zijin Cora 朱子槿、Vikki Cai Chuchu、Yoyo Kwok Chiu TungEdited by: Kawai Wong、談 巧童
- 2020-11-25
The city's leader announced today to abolish tax for commercial properties, real estate agents express positive attitudes towards the policy but some of them cast doubt on its effectiveness due to the uncertain investment environment under COVID-19. In her fourth annual policy address, Chief Executive Carrie Lam Cheng Yuet-ngor said the government will abolish the Double Stamp Duty (DSD) on commercial property to facilitate businesses to cash out by selling non-residential real estate so to stay afloat during the economic downturn. The policy will take effect tomorrow. "As a result of the economic downturn and uncertainities surrounding the COVID-19 pandemic, prices and demand for non-residential properties have been dropping over a period of time," said Ms Lam. "The government considers now the right time to abolish the DSD imposed on non-residential properties." Hong Kong saw its Q3 GDP decrease by 3.5% in real term on a year-on-year basis. For the net output in the real estate, professional, and business services sector, it decreased by 5.9% in real terms in 2020 Q2 from a year earlier, following a decline of 4.6% in Q1, according to the Census and Statistics Department. The DSD, formally known as the Doubled Ad Valorem Stamp Duty, was first introduced in February 2013 to deal with the surging prices of commercial properties. The rates range from 4.25% to 8.5% depending on different asset prices. Lau Kin-ling, 59, a real estate agent said the abolishment of commercial property tax is helpful for the market but it is hard to predict the effectiveness. "The policy may not attract a considerable amount of mainland investors since the borders remain closed," said Ms Lau. "The major factor for buyers to purchase a commercial property is field visit so that they can access the actual environment, simply presenting an advertising video would …
Policy Address 20/21: A report not for our citizens": Hong Kong Pro-democrats criticise latest policy address
- 2020-11-25
- Society
- The Young Reporter
- By: Yanni ChowEdited by: Hong-shun Wong
- 2020-11-25
James To was in his office putting things away in boxes for removal while watching the live broadcast of policy address on television. On the screen is Carrie Lam, wearing the lapel pin of the Chinese and Hong Kong flag, standing in the chambers of the Legislative Council, giving her speech. The former lawmaker used to be sitting in the chambers, listening to the Chief Executive's annual address alongside many other colleagues from the opposition camp. Now, there are none of them left in the chambers. This is the first policy address ever given in the city's history without any pro-democratic lawmakers. "We used to protest in the chambers when there's [a] policy address, but right now, all the people left in the chambers are the puppets of the [the] Communist party," said Mr To, referring to the pro-Beijing lawmakers, who remained in the chambers. On November 12, the Democratic lawmakers resigned in solidarity with those who are disqualified by the government, with powers from the Beijing authorities, citing a threat to national security. That leaves the highest legislative body in the city with no dissenting voice for the first time. Claudia Mo, another lawmaker who resigned, criticised this year's address to be a report to integrate Hong Kong into the mainland, instead of having the city's best interest at heart. "The goal is to 'disappear' Hong Kong as we know it. I lost count of how many times she said Hong Kong enjoys Beijing's 'central support', like without which we just couldn't survive on," she said as she watched the address online, with no appetite for lunch. Wu Chi-wai, the chairman of the Democracy Party, said that the annual policy blueprint is more like a report from governors of provinces to the Beijing government. "You cannot find a word …
A drive through the newly opened Wan Chai Bypass and Island Eastern Corridor
- 2019-01-21
- Society
- The Young Reporter
- By: Anna KamEdited by: Rachel Yeo
- 2019-01-21
The Wan Chai Bypass and Island Eastern Corridor opens today, costing $36 billion dollars to build. The project began in December 2009 and aims to reduce traffic from the eastern corridor towards the city’s central area, which has previously been a problematic area for traffic during rush hour. This is caused by drivers and passengers going back to the Kowloon side via the Cross Harbour Tunnel and surge of traffic going towards the Sai Ying Pun area from Causeway Bay. Passengers that go by the route from the eastern corridor to the west side often have a 30 to 45 minute wait between 5:00PM to 7:30PM. Roads have now been changed in order to accommodate the brand new tunnel. One of our reporters drove through the tunnel this afternoon, taking about 5 minutes to drive through the entire 4.5km tunnel, with generally smooth traffic. However, the final "test" that should occur would be during the rush hours in the morning and evening. During the drive, there were no clear instructions indicated on switching lanes within the tunnel was not allowed, giving the Wan Chai North (going to the Wan Chai Convention Center) only one lane, but three lands while heading out to the western side of the island. Despite the three lanes leading up to the western side, there was also no clear route that connects the Western Crossing harbour Tunnel since the exit is currently closed. One of the main aims of the tunnel was to divert the traffic from the Cross Harbour Tunnel to the Western Crossing Tunnel and the Eastern Harbour Crossing. However, the unclear instructions and unopened roads made it very difficult to get to the Western Harbour Crossing. Overall, the experience of driving through the tunnel was smooth, despite some minor changes in the directions and some exits of the tunnel remaining closed.