14 Mar 2013

Lunch meeting: Mr Duncan Pescod, Permanent Secretary for Transport and Housing

We invited Mr. Duncan PESCOD, JP to be our speaker to present on the topic, “Long Term Housing Strategy, What’s the Point?”.  Mr Duncan Pescod joined the Hong Kong Government in August 1981.  He has served in various bureaus and departments during his tenure:  from August 2008 to April 2010 he was Permanent Secretary for Commerce and Economic Development (Communications and Technology); from May 2010 onwards he assumed his current posting as Permanent Secretary for Transport and Housing (Housing) cum Director of Housing.

Property prices increased 25 percent from 2008 to 2010, so to curb short-term speculation, the Government announced the introduction of SSD, on top of ad valorem stamp duty, in November 2010. 
The Residential Properties (First-hand Sale) Ordinance was enacted in June 2012.  In view of the market’s exuberance, the Government launched a new round of demand-side management measures in October 2012, which included strengthening SSD by increasing rates and extending its coverage period to 36 months.  To accord priority in addressing the housing needs of Hong Kong permanent residents (HKPRs) amid the tight supply of residential flats, we also introduce a BSD on residential properties acquired by non-HKPRs—a flat rate of 15 percent on all residential properties, on top of the existing stamp duty and the SSD, if applicable.
The Government is now undergoing a review of the Long Term Housing Strategy. The review aims to ensure optimal use of existing land and housing resources to meet housing needs of the community in the short, medium and long term.  A consultation document will be issued in mid 2013.  Upon completion of the three-month public consultation period, the report on LTHS will be published by end 2013.

Rtn William collected HK$830 for raffle and fines, President Michael help to drew the raffle gifts as a bottle of red wine, the winners was PP George.