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Vacancy tax is a short-term solution to Hong Kong’s long-term housing shortage crisis

The Hong Kong government plans to introduce a vacancy tax on empty new flats to pry open supply bottlenecks by imposing fines on developers for hoarding new homes. Under the proposed legislation, a tax equivalent to twice the estimated annual rental value will be levied on flats that remain unsold after 12 months of receiving an occupation permit. According to the Rating and Valuation Department, the preliminary findings in the Hong Kong Property Review 2019 indicate that the vacancy rate of… Source link

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Cà Mau seeks to prevent gas shortage at industrial complex – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The People’s Committee of Cà Mau Province has come up with several solutions to supply the predicted shortage of one billion cu.m of gas at Cà Mau’s Gas- Power-Fertilizer Industrial Complex.   — VNA/VNS Photo Huỳnh Thế Anh     CÀ MAU— The People’s Committee of Cà Mau Province has asked the Ministry of Industry and Trade to ensure sufficient gas supply for Cà Mau’s Gas-Power-Fertilizer Industrial Complex, which is expected to have a serious shortage by September, according to Nguyễn Tiến Hải, chairman of Cà Mau’s People’s Committee.…

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Rent at office tower redeveloped on The Excelsior’s site may be the highest in Causeway Bay amid shortage of commercial space

The office tower to rise from where The Excelsior hotel stands on the foreshore of Hong Kong’s Causeway Bay may command the highest rent in the district by the time its redevelopment is completed in 2025, barring a catastrophic economic meltdown in Hong Kong.The site, known as Lot One, was the very first piece of land sold in Hong Kong when the city became a British colony in 1841. Jardine Matheson, one of Asia’s largest and oldest conglomerates, has owned it ever since, putting up the 869-room… Source link

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Housing shortage in Greece as property owners evict tenants to get on the Airbnb bandwagon

For Dimitra Dionysopoulou, who lives in the shadow of the Acropolis, there is no mistaking the signs of the Airbnb takeover in her neighbourhood.“Renovation noise, debris disposal bins on every street, and rolling luggage,” said the 50-year-old Athenian mother.Dionysopoulou has lived her entire life in the middle-class district of Koukaki, now in the midst of a home-sharing frenzy. In 2016, it was named Airbnb’s fifth fastest growing neighbourhood globally with an 800 per cent jump in activity… Source link

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Vietnam 

HCM City faces social housing shortage – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HCM CITY — HCM City has a surplus of houses for relocated residents, but severely lacks social housing. Trần Vĩnh Tuyến, vice chairman of the city’s People’s Committee, said the city has a surplus of 7,000 houses in urban areas and resettlement areas in districts 2, 7 and Bình Chánh for people who need to be relocated.   The city is planning to put them up for auction and use the money for purposes such as infrastructure investment. Many resettlement apartments in the city…

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Property 

Solving Hong Kong’s chronic housing shortage requires a broad approach

Two of the most important sources for Hong Kong’s medium to long-term housing supply are the Kwu Tung North and Fanling North New Development Areas (NDAs) in the northeast New Territories, especially for public housing. These areas are also key to the government’s multi-pronged approach to increasing land supply. The Development Bureau recently submitted an application to the Legislative Council’s panel on development for HK$46.9 billion (US$6 billion) of funding for the main work, detailed… Source link

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Vietnam 

No pork shortage for Lunar New Year – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

There will be enough pork to meet demand for the Lunar New Year holiday. — VNA/VNS Photo Viet Nam News HÀ NỘI — There will be no shortage of pork in the months approaching the Tết (Lunar New Year) holiday despite an increase in demand, Nguyễn Xuân Dương, acting Director of the Animal Husbandry Department under the Ministry of Agriculture and Rural Development said. Dương said that the market demand for pork regularly increased by 25 per cent ahead of the Tết holiday. If there were no sudden…

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Vietnam 

Việt Nam will face power shortage by 2020 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Việt Nam could face power shortages in the early 2020s, delegates at a workshop in Hà Nội heard on Thursday. Trần Việt Anh, head of Strategic Division under the Electricity of Việt Nam (EVN) told the workshop entitled ‘Developing Sustainable Energy and Protecting Environment in Việt Nam’ that the shortages are likely to happen from 2020 to 2025. To meet surging demand for power, the country needs 60,000MW of electricity by 2020; 96,500MW of electricity by 2025 and 129,500MW of electricity by…

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Việt Nam to face gas shortage in 2020: MoIT – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Việt Nam may have to import gas from 2020 to produce electricity for the country’s socio-economic development, according to the Ministry of Industry and Trade (MoIT). Nguyễn Quyết Thắng, director of market division at the PetroVietnam Gas Corporation, told a conference on Wednesday that domestic gas supply is on decline but demand keeps increasing. A MoIT report on the mining industry performance in the first half of 2018 showed natural gas output was estimated at 5.3 billion cubic metres, a yearly…

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Ban on foreign buyers seen as poor answer to New Zealand’s housing shortage

Many foreigners will be banned from buying homes in New Zealand from this week, unless they are newly built flats, as the Labour Party-led government fulfils an election promise that critics say could be a popular but will not solve the lack of affordable housing. Housing became a major campaign issue during an election last year that ended the National Party government’s near decade in power and landed Jacinda Ardern the premiership in a surprise result. Ardern had blamed overseas speculators for driving up prices, making it unaffordable for many…

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