The property market sentiment is sluggish. Although the government tries its best not to interfere in the operation of the property market, it is actually vaguely understood that the government does not want the risk of further accelerating the decline in property prices. Therefore, it has announced that it will not sell residential land this year. One of the reasons behind this is naturally to reduce supply. At the same time, we do not want low-priced land purchases or failed bids to occur frequently, which will undermine confidence in the property market. In addition, the Housing Authority continues to strengthen its policies for wealthy public housing tenants. Behind the scenes, it also intends to release the purchasing power of wealthy public housing tenants into the free market, inject new impetus into the property market, increase property market transactions and help stabilize property prices. Recently, the government has used "cars" as a new direction for wealthy households. How much impact will it have on wealthy households in public housing?
There are many beautiful cars in public housing parking lots, which can be said to be a "social consensus".
A few days ago, the media inspected the parking lots of housing estates in various districts. There were various luxury cars such as Porsche, Mercedes-Benz, BMW, and Tesla parked there. Some media also photographed the parking lot of a public housing estate in Ho Man Tin, where super luxury cars such as Lamborghini and Bentley were parked. The car owners who can afford such expensive cars are public housing residents, so they are certainly worthy of investigation.
Government cracks down on invisible wealthy households
In the past, the government was very lenient to wealthy households in public housing, but the current government's attitude is obviously different. The Secretary for Housing, Edmund Ho, stated that he would check cars and submit the license plates of luxury cars to the Transport Department to check their prices, and include the vehicles as assets of tenants in order to crack down on the "invisible" wealthy households.
After paying attention to the relevant measures, some netizens questioned how the price of second-hand cars can be confirmed?
Luo Shaoxiong, president of the International Professional Insurance Consulting Association, said that the Transport Department actually has detailed information such as the address reported by the car owner, the value and year of the vehicle purchase, etc. The government can refer to the valuations of notaries, insurance and mortgage loans to accurately calculate the price of second-hand cars. Basically there is "no escape".
If tenants falsely report their assets to the Housing Authority, not only may their public housing units be repossessed, but they may also face criminal liability.
If the car price is included in the tenant's assets, wealthy households who have "exploited" their assets will naturally move out, freeing up their units for other people on the waiting list for public housing. It will also help release the purchasing power of wealthy households in public housing, even if they are renting units. It will help increase rental levels and benefit the overall economy. If there is no "explosion", tenants' rents will also increase accordingly, increasing government revenue, which is indeed a beneficial and harmless measure for the government.
In conjunction with this "vehicle inspection" measure, the Housing Authority has launched a number of measures for wealthy public housing tenants in recent years. For example, the declaration of assets has been changed from every ten years to every two years, making it easier to understand the assets of tenants.
At the same time, by cooperating with the investigation of overseas assets and car prices, it will be easier to catch wealthy households who conceal their assets and speed up the transfer of public housing.
For wealthy households in public housing, since the government is determined to crack down on wealthy households in public housing, if the policy does not bear fruit, it will only be further tightened in the future. With the interest rate cut expected to begin this year, wealthy public housing tenants should make early arrangements and consider entering the market while property prices are still low.
Pre-evaluate the asset level before buying a property
In terms of choice, because there is a certain gap between the pricing of HOS flats and the market price, many semi-new properties may be more affordable than HOS flats. New properties are on sale, and there are opportunities to provide more discounts to buyers to compete for them.
Before choosing a future residence, you can first go to a mortgage referral company to inquire about mortgage-related information, understand your personal assets and income level, evaluate the maximum loan amount and the length of the repayment period, etc. Buyers can make arrangements in advance to facilitate Nothing is lost.