遏抑發展商囤貨 空置稅值得考慮

<轉載自2018年3月16日 明報 社評>

財政司長陳茂波表示，當局正研究釋放空置單位，引入空置稅是考慮措施之一。本港樓價高企，主因是房屋供應不足，部分發展商眼見樓價「長升長有」，即使新樓落成，也不願大舉出售單位，令供應不足問題加劇，給樓價推波助瀾。政府有責任出手，逼發展商盡快出貨，增加市場供應。近年不少外國大城市均引入空置稅等措施，打擊境外投資家和炒家，儘管本港房屋整體空置率不高，然而政府仍應積極借鑑外國經驗，推出措施釋放更多空置單位，滿足本港市民需要。

囤貨不賣刺激樓價 增加供應事倍功半

「有人無屋住、有屋無人住」，如此荒謬的情况，正是當前香港社會寫照。不少市民慨嘆房屋供應不足，置業租樓甚艱難，可是偏偏有數以千計單位閒置。這些空置單位，有部分是發展商未沽的新樓盤單位，有部分是炒家和境外投資者買下的物業。過去社會一直有聲音主張引入空置稅，將空置單位釋放出來，惟政府官員有所保留。今年初陳茂波便稱，目前本港住宅空置率低，實施空置稅行政複雜，政府暫時無意增設空置稅。然而近日他一改口風，表示空置稅在政府考慮之列。

陳茂波未有透露詳情，僅表示當局考慮如何釋放單位時，會「鎖定一些目標」。觀乎近期「財爺」言論，政府似乎有意將矛頭指向發展商，要求盡快出售新落成單位。本港樓價愈飈愈高，歸根究柢是供應不足。雖然近年政府致力催谷私樓供應量，可是部分發展商囤貨不賣，導致市場供應未見顯著改善，刺激樓價進一步上揚。發展商採取惜售策略，日後出貨自然可以賺得更多，市民置業卻變得愈益困難。過去數周，陳茂波不止一次提到，截至去年底發展商手上有9500個住宅單位「起好未賣」，數目比幾年前增加，當局正檢視如何令這類單位「及早推出市場」，反映政府意識到，如果不遏阻新樓單位囤積，就算政府努力增加土地房屋供應，壓抑樓價成效也必然大打折扣。

今次陳茂波提出考慮引入空置稅，究竟是「出口術」警告發展商必須加快出貨，還是真的有心落實相關措施，仍需拭目以待，不過政府確有需要表明立場，不容發展商囤積單位。現時本港房屋整體空置率不足4％，比大多數城市介乎5％至10％的空置率要低，然而本港房屋供應嚴重不足，「多得一間得一間」，針對新樓和已成交物業引入空置稅，有助增加房屋供應和穩定樓價，值得當局認真考慮。

先易後難推動空置稅 政府可借鑑外地經驗

以往政府官員對空置稅多有保留，原因之一是實際執行有困難。針對發展商新樓盤徵收空置稅，可以從發出入伙紙起計，空置1年未賣便需付稅；可是要針對已成交物業開徵空置稅，操作便複雜得多。政府不能凡見單位空置便徵稅，必須清楚界定何謂長時間空置、空置是否有合理原因等，例如業主為了放租大裝修，導致單位大半年無人居住，是否需要繳交空置稅？假如戶主因工作關係，長時間不在香港，一年只回港兩、三次短住，又該如何界定？這些技術問題，無疑必須細心研究，既不能過度寬鬆漏洞百出，也要避免過度嚴苛「殺錯良民」。近年不少外國城市為了阻止炒家和境外投資者推高樓價，都引入了空置稅，政府大可借鑑外地經驗，制訂一套適合本港的空置稅制度。

房子是用來住的，不是用來炒的。過去數年全球熱錢氾濫，各大城市樓價普遍攀升，當中既有當地炒家興波作浪，亦有境外投資者大舉入市。近年新加坡、加拿大溫哥華、澳洲墨爾本等地，都推出空置稅，希望逼炒家和境外投資者將閒置單位投入租務市場，甚或乾脆打退堂鼓沽貨。當然，空置稅並非萬靈丹，要釜底抽薪解決本港房屋問題，關鍵仍是大量增加土地及房屋供應；對於發展商和炒家以各式手段抬高樓價，當局必須挺直腰板，嚴厲打擊。

政府若要引入空置稅，可以根據先易後難原則，先從新樓盤單位入手，阻遏發展商囤貨不賣風氣；至於針對炒家和境外投資者的空置稅，可以從長計議，確保措施周全妥當，惟不能因為執行有難度便輕言放棄。為了打擊炒家入貨囤樓意欲，社會有聲音主張徵收樓宇資產增值稅，稅率按持貨期長短而定，然而亦有人質疑措施行不通，是耶非耶，莫衷一是。既然政府有意考慮引入空置稅，不妨也對樓宇資產增值稅的利弊和可行性，一併詳細研究。

To curb hoarding by developers, vacancy tax merits consideration

CHAN MO-PO, the Financial Secretary, has said that the government is studying ways to free up empty homes, with a vacancy tax being one of the measures under consideration. Hong Kong property prices are high, and the main reason is supply shortage. The problem is exacerbated by the fact that some developers do not want to sell their newly built flats in one shot because they have found that property prices rise consistently. Their practice has helped fuel the soaring property prices. To increase supply in the market, the government must take action to force developers to sell their flats as soon as possible. In recent years,governments of many big cities abroad have introduced vacancy tax and other measures to crack down on overseas investors and speculators. Even though the overall vacancy rate is not high in Hong Kong, the government should still learn from overseas experience proactively and introduce measures to free up more vacant flats to satisfy the needs of Hong Kong people.

It remains to be seen if Chan is only calling the bluff of developers (with the aim of warning them to sell their flats as soon as possible) this time or he is really contemplating the related measures. Nevertheless, the government should make it clear that the practice of hoarding by developers is not tolerated.

In the past, government officials often expressed reservations about introducing vacancy tax. One of the reasons is the difficulty in implementation. A developer, if targeted by a vacancy tax, can be asked to pay it if a new flat it has completed remains vacant a year after the occupation permit is granted. In contrast, a tax targeting sold properties will involve much more complicated procedures. The government cannot tax a flat just because it is vacant. Instead, there must be a clear definition of what constitutes long-standing vacancy, and what reasons would be considered justified for leaving flats vacant. In recent years, vacancy tax has been introduced in many cities abroad to stop speculators and overseas investors from pushing up property prices. The government could learn from the experience of these countries and establish a vacancy tax system that suits Hong Kong.

In Singapore, Vancouver in Canada and Melbourne in Australia, etc., vacancy tax has been introduced to force speculators and overseas investors to release their unoccupied flats into the rental market or even simply sell them and beat a retreat. Vacancy tax is of course not a panacea. To deal with the root cause of the housing problem of Hong Kong, increasing land and housing supply substantially is still the key. However, the government must also stand firm and vigorously combat the various means employed by developers and speculators to push up property prices.

If the government is to introduce the vacancy tax, it can adopt the principle of tackling the easy issues before addressing the difficult ones by targeting new development projects first to curb developers' hoarding practice. As for vacancy tax targeting speculators and overseas investors, the government should study it in more detail and ensure that the measure is adequate and proper. The government cannot give up the idea simply because it is difficult to implement it. To dampen the desire of speculators to buy and hoard flats, some people advocate imposing an asset value added tax the rate of which depends on how long an owner owns a flat. Since the government is considering introducing vacancy tax, it might as well study at the same time the pros and cons of asset value added tax and its feasibility.

遏抑發展商囤貨 空置稅值得考慮

財政司長陳茂波表示，當局正研究釋放空置單位，引入空置稅是考慮措施之一。本港樓價高企，主因是房屋供應不足，部分發展商眼見樓價「長升長有」，即使新樓落成，也不願大舉出售單位，令供應不足問題加劇，給樓價推波助瀾。政府有責任出手，逼發展商盡快出貨，增加市場供應。近年不少外國大城市均引入空置稅等措施，打擊境外投資家和炒家，儘管本港房屋整體空置率不高，然而政府仍應積極借鑑外國經驗，推出措施釋放更多空置單位，滿足本港市民需要。

今次陳茂波提出考慮引入空置稅，究竟是「出口術」警告發展商必須加快出貨，還是真的有心落實相關措施，仍需拭目以待，不過政府確有需要表明立場，不容發展商囤積單位。

以往政府官員對空置稅多有保留，原因之一是實際執行有困難。針對發展商新樓盤徵收空置稅，可以從發出入伙紙起計，空置1年未賣便需付稅；可是要針對已成交物業開徵空置稅，操作便複雜得多。政府不能凡見單位空置便徵稅，必須清楚界定何謂長時間空置、空置是否有合理原因等。近年不少外國城市為了阻止炒家和境外投資者推高樓價，都引入了空置稅，政府大可借鑑外地經驗，制訂一套適合本港的空置稅制度。

新加坡、加拿大溫哥華、澳洲墨爾本等地，都推出空置稅，希望逼炒家和境外投資者將閒置單位投入租務市場，甚或乾脆打退堂鼓沽貨。當然，空置稅並非萬靈丹，要釜底抽薪解決本港房屋問題，關鍵仍是大量增加土地及房屋供應；對於發展商和炒家以各式手段抬高樓價，當局必須挺直腰板，嚴厲打擊。

政府若要引入空置稅，可以根據先易後難原則，先從新樓盤單位入手，阻遏發展商囤貨不賣風氣；至於針對炒家和境外投資者的空置稅，可以從長計議，確保措施周全妥當，惟不能因為執行有難度便輕言放棄。為了打擊炒家入貨囤樓意欲，社會有聲音主張徵收樓宇資產增值稅，稅率按持貨期長短而定。既然政府有意考慮引入空置稅，不妨也對樓宇資產增值稅的利弊和可行性，一併詳細研究。