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分析马来西亚众议院经济论文
本章说明了贷款价值比率（LTV），不动产增益税（RPGT），印花税费用和基本贷款利率（BLR）是由马来西亚政府控制投机性住房的监控方式。
该笔贷款价值（LTV）
当地房地产市场在一些地方，如槟城等流行的地区，与1999到2008年同期（Siew May，Lim，2010年）比较住房价格上涨了40％。不仅如此，自2009年，香港，新加坡，中国和上海房地产市场也表明房屋的价格跳跃从40％至60％（Angie Ng，2010），房子的价格不断上升，因为一些投机者拥有多处房产并以更高的价格再出售给买家，以此赚取丰厚的利润。
例如，在新加坡，谁拥有一个以上的房产也可能到新的贷款限额，如果得以实现，这将是通向减少住房投机，规避国家风险的新措施。
2010年8月30日，新加坡政府宣布，借款人谁拥有一个或多个住房的时候才有资本买新房子……
Analysing The Malaysian House Market Economics Essay
This chapter was indicating Lending Value Rate (LTV), Real Property Gain Tax (RPGT), Stamp Duty Fees and Base Lending Rate (BLR) are the ways to monitor or control housing speculative by government of Malaysia.
Loan– to-Value (LTV)
The local housing market in some places such as popular areas in Penang, housing price rose 40% compare with the year from 1999 to 2008. (Siew May, Lim, 2010) Not only that, Hong Kong, Singapore, China and Shanghai housing market which have shown the price of houses jumps from 40 % to 60 % since the year 2009. (Angie Ng, 2010) Price of houses keeps rising because some speculators who own multiple properties re-sell the units to buyer with a higher price, and earn the huge profit.
For instance, in Singapore who own more than one property may also to the new loan limit if it is implemented. This is the way to measures to reduce risk in housing speculation for their country.
On 30th August 2010, the government Singapore announced that borrowers who have one or multiple housing loans at the time intention to buying new house.
The LTV for housing loan granted by financial institutions (FIs) regulated by MAS to these purchasers from the 80 % fall till 70%. It means when purchaser bought a new house need make the down payment 30 % with the price of house. On the contrary, the purchasers who do not own multiple housing loans, it can continue enjoy LTV with 80 %. This rules are apply by FIs for private residential. (Government of Singapore, 2010)
Furthermore, government of China is controlling the property prices runaway. Currently, banks are cautions looking to tighten lending by cancelling the discount interest rate for housing loan to the first time home buyers. Government of China will cancel the discount interest rate (IR) because the housing loans are easy approved. The credits are easy to get it will influence the price of house driven up across the nation by.
According to David Chen, senior director of residential project marketing with CB Richard Ellis (CBRE) China, a property consultancy said that in year 2009 the housing loan allocated by central government has 9.57 trillion yuan however in year 2010 drop as 20.6 % from 9.57 trillion yuan to 7.6 trillion yuan. (Wang Jing, 2010) Commercial banks will be also able to refuse to approve loans for the buyers who are buying the third houses. (Yuanyuan, 2010)
In China, on April 2010 government was announced that down payment for second homes from 40% to 50%. It means borrower buying the second homes just will get the LTV 50 % only. Besides that, pledge rate for second home loans should be lower than 110 % of benchmark rates. Last but not least, for the first home buyer will increase the deposits of over 90 sq meters from 20 % to 30 %. (Angie Ng, 2010) It is China using the lending solution to curb speculation.
Next, for Hong Kong’s property price keep raising it is due to the speculator buying and selling property transaction. At the same time, intention of speculator is purchasing the right property and gain the disposal from the time sale value between with acquisition price.
So, the government on August 2010 also announced that property in Hong Kong down payment is requirement costing HK$12 mil or more is increased 40 % from 30 %. (Angie Ng, 2010)
On other hand, the property price in Shanghai grew rapidly. In fact, from the Figure 3 show that in the year 2005 of first three month the house prices rose by 19 %. Due to the price of houses are quick growth so attract a lot of speculators come to Shanghai.
For example, for one high-rise building the area is near Northern Bond and the price was average 9000RMB in the year 2002. But a few years ago, the high-rise building nearly sold out, Shanghai gained the host of the World exhibition in year 2010. Besides that, during the year government also set Northern Bond as one of the new commercial and resort areas. (XinHua News, 2006) Therefore, at present the area of Northern Bond became popular and famous. The area became popular so the owner of house sold their property with the double, even triple with the date of purchase price.
In order to curb speculation, government of Shanghai take action as raise the IR of home loan to 6.8 % per annum from 5 % per annum. Not only were the IR raise the down payment also increase. Home buyers were required to make deposit of at least 30% but now the deposit is going to raise the range of between 40 % -50 %. (Bank of China, 2006).
However, in Vancouver housing is high cost of home ownership through speculation has force the value of property become high and highest. So because it many people rent the house better own their house. As well, those who are borrowing loan by pass their rent cheques from their tenants to the bank are also trying to stay flat and thus raising rents.
For this fact, the solution to curb housing speculation is prevent the purchaser who are buying one or more than two house units on speculation of price. The price of house is over $500,000, the amount of down payment is required 25% of purchase price. (vancouvercondo.info, 2010) From point of view, it will reduce the home price and prevent the speculator easy to get the house loan and buying multiple units on hand.
In addition, starting in October the LTV for house loan will be tightened in Macau for the buyer who own more than one properties and intention to buying another house worth than MOP 3.3 million just allow for apply for a bank LTV for a maximum of 70% of property value. However, if the property value is lower than MOP 3.3 million, the maximum LTV will be allow 90% for the buyer, but the maximum loan amount borrowing must below than MOP 2.31 million. However, the 90% LTV is only available for Macau residents only not for foreigner. (MacauBusiness, 2010)
Last but not least, the houses of prices are keeping rising in Malaysia. Therefore, Central Bank measure to curb excessive speculation on property price.
On 15 October 2010, Prime Minister announced that Malaysia Budget 2011 for first time home buyers can enjoy 100% full house loan own their house. The Malaysia government provides 100% loan because they aware it part of low income group is face it difficult buying a house with the price are expensive.
Malaysia government to assist this low income group with introduces the Skim Rumah Pertamaku through Cagamas Berhad will provide a guarantee on down payment of 10% for house price below RM220, 000. And this skim just provide for the first time home buyers with household income below than RM3, 000 per month. In other words, first time home buyer obtains the full loan without make 10 % down payment for it. (2011 Budget, 2010)
Central Bank imposed a LTV for those intentions buying their third and subsequent with borrow housing loan. There are effective from 3rd November 2010, Central Bank Malaysia announce that the implementation of a maximum LTV of 70% housing loan for the purchasers who have already owns two properties on hand and are applying for their third house. (The Star, 2010) On other hand, for the first and second home buyer the LTV are not affected them.
For instance, the buyers who have already own two properties on hand and are applying for their third house. The property value is RM500, 000. However, the LTV is 70%, meaning the borrower has a loan for 70% of the property value. In other words, the remaining equity 30% is down payment. RM500, 000 x 30% = RM150, 000.So. RM150, 000 pay as down payment for the property. The balance of property value is loan amount RM350, 000.
So, from certain bank will think LTV for house loan could be reducing risk in housing speculation for their country. Thoo Mei Ling is OCBC Bank from Malaysia Bhd head of secured lending said that part of rationale for the 80% LTV could be to curb speculative property prices in the market currently. (Angie, Ng and Sharidan, 2010)
Real Property Gain Tax (RPGT)
In Malaysia, Real Property Gain Tax (RPGT) is imposed with the intention to curb speculation for their country. With the effect from 1 April 2007, RPGT would not be imposed on capital gains from disposal of real property are charged to tax under Real Property Gain Tax Act 1976.The Government decided to exempt RPGT because reverse the flagging property sales during the economic slowdown. (Jeyapalan, 2007)
However until the year 2010 budget, the RPGT was brought back in this year January. The reason of Government decides to reintroduce in this year because speculator re-sell the units to seller with a higher price, and earn the profit between RM50, 000 and RM100, 000 from each sub-sale. (David, 2010) The tax is levied on the gains of assets between the acquisition price and disposal price. This is a way to deal with speculator get the brunt of the “axe” when gains disposal of real property within five years after the date of acquisition of the chargeable asset will be subjected to tax of 5% to 30%. Malaysian individuals are accorded tax exemption of 10% of the chargeable gain (CG) from the computation of RPGT3.
Appendix 3 shows that rate of tax holding period with real property. If the disposal of chargeable assets made within 5 years from the date of acquisition should be subject to taxed after 1 January 2010 provided the amount of profit from sales of property shall be determined in accordance with the following formula A/B x C where :
A = amount of tax imposed on the taxable profits with the appropriate tax rate reduced by the amount of tax levied on taxable profits at the rate of 5 %.
B = amount of tax imposed on the taxable profit in accordance with the applicable tax rates
C = amount of profit that is taxable
Effectively, the exemption formula can be simplified as below:
CG x (tax rate-5%)/tax rate
The appropriate tax rate to be applied follows the Appendix 3 period of holding property. (Kwai Fatt, 2009)
For instance, purchaser acquired a condominium in Tanjung Bungah for RM500, 000 on Jan 1, 2008. On March 31, 2010 he decides to dispose the property for RM780, 000. For this case, the buyer selling his real property in the 3rd year after the date of acquisition which subject as 20% tax rate. The taxable profit is RM780k-RM500k=RM280k. RM280k less exemption 10 % = RM252k.
Using the formula A/B x C
[(20%-5%)/20%] x RM280k = RM210k
CG to be taxed RM252k-RM210k=RM42k
RM42k x 20%=RM8400
RM8400 is RPGT payable.
Currently, China’s a lot of housing tax such as the process of housing development and sales. Besides that, seller can also transfer tax costs to buyers.(Bejing Review,2010) So, a lot of speculator in China tend to buy more than one house and waiting the housing prices rise and sell it earn a excessive profit.
In addition, China’s has tax policies has been changed to curb speculation for their country. In China, disposer disposal of asset less than 5 years will subject to be taxed. The new taxes purpose is discouraging speculators from “hoarding” inventories of residential property.
The change in the tax basis for the sales tax is 5.5%. When the seller earn the profit from the disposal of property it will subject 5.5% on capital gain tax profit was imposed. Beijing also levied a 5% tax on the selling price of sold before two years of ownership. (Mark A. DeWeaver, 2006)
So, the tax on property would not have fixed it is depend the selling price of house fixed and it will bring the risk when buyer buying a house owns the property. Therefore the property tax becomes a big blow to speculators. Consequently, some speculators cease the activity and the housing price just effectively return to a reasonable price.
In other words, property tax is a kind of punishment for speculator intention to buy more than 2 houses. In Fact, China is measure to curb speculation with the way of implemented in tax to manage in housing speculation for their country.
Next, recently government of Taiwan also is plan a new property tax on housing market sold within a year from date of acquisition and plans to revise land valuation rules. It is because recently housing market overheats.
Taiwan Government official said that purpose of new property tax is aimed at investment properties who want purchasing the property and gain the disposal from the period of sold out property and not for the ordinary buyers who want a home for their own shelter. According Wang Ching-hsiu, a deputy director of the Interior Ministry said that revise land valuations to ensure property taxes reflect market changes and hopes that new property tax will discourage short term speculator from speculation in the housing market. (Chinmei,Sung and Adela, Lin,2010) Therefore, government of Taiwan is considering a new property tax to curb speculation activities in the housing market. According Economic Daily News reported the new tax on property who seller sold within a year from date of acquisition could be as high as 30%. (Realty Journal Info, 2010)
Stamp Duty Fees
Recently, Hong Kong’s property price keep raising it is due to the speculator buying and selling property transaction. At the same time, intention of speculator is purchasing the right property and gain the disposal from the time sale value between with acquisition price.
Real estate broker CB Richard Ellis Group Inc said that luxury and non luxury home prices may rise 20% and 15% in the year 2010. (Chia-Peck, Wong, 2010) Although, house price in Hong Kong is keep rising but government try to curb speculation.
On 2nd March 2010, Hong Kong budget has announced that if the properties valued more than HK$20mil transaction of stamp duty will charge it 4.25% from 3.75% previously. It is effective with August 2010. Appendix 4 shows that new rates of property stamp duty in Hong Kong. In addition, buyers will not allowed to late make payment when property transaction. (Angie, 2010) Therefore, property transactions are starting turn down and demand from foreign buyers is decreasing.
In addition, housing prices in Singapore also continue rising in the year 2010.It can refer to Figure 4 housing price change in annual in Singapore. For the Government Singapore is measure to curb speculation. Year of 2009 stamp duty is tax on property 3% but in August 2010, Government Singapore with effective seller’s stamp duty (SSD) on disposal of properties will increase the period for imposition from 1 to 3 years. (Angie, 2010)
For stamp duty payable by acquirer is the first $180,000 charge as 1%.Following $180,000 charge as 2% and remaining price charge as 3% will be imposed. Moreover, seller sold within 2 years from the date of acquisition should make the payment 2/3 of the full SSD rate .Lastly, sold within 3rd years from the date of acquisition should make d payment 1/3 of the full SSD rate. If the property is sold after 3 years stamp duty will subject to exempted. (Glenn Ho, 2010)
Next, the Macau government announced on 28 September 2010 that a string of new measures to curb speculation activity in Macau. That is for first time home buyer will be exempted for property transfer tax. At the same time, government is planning to raise the transaction costs by cancelling the discount 0.5% for between transfer duties. From announcement by government starting on the fourth quarter in year 2010 is set to increase the transaction cost. (MacauBusiness, 2010)
On other hand, from announcement by government starting on the fourth quarter in year 2010 is set to increase the transaction cost. And they are limitation with their ability own their house especially recently housing market in Penang is seriously with speculative activity.
In addition, a buyer when buying a house need pay stamp duty on the property transfer. The scale of fees 1% for value of property in first RM100, 000.Next RM400, 000 property value the scale of fees is 2%.Thereafter property value will charge as scale of fees 3 %.It is effective from January 2001. (JPPH, 2007)
Stamp duty is defined as when a property is transferred, the transferee must pay stamp duty. The stamp duty is based on the price for the property or its market value, whichever is the higher. This is providing for under the First Schedule of the Stamp Act, 1949 (Art 378). The authority for the administration, computation and collection of the duty is the Inland Revenue Board (IRB). (JPPH, 2007)
For example, if the property price is RM550, 000.So the calculation is first RM100, 000 x1%=RM1000.Next RM400, 000 will charge as 2% means RM8, 000.And the balance of RM50,000 will charge as 3% scale of fees means RM1500. Therefore, total of stamp duty need pay by buyer is RM10500.
However, during 8 September to 31 December 2010 was effective stamp duty for purchase property price not more than RM250, 000 are given stamp duty with 50% of exemption. The exemption is granted on one residential property for Malaysian citizen only.
But, Budget 2011 announced on 15 October 2010 for the first time house buyers can enjoy 50% of stamp duty exemption on sale and purchase agreements and loan agreements for property price not more than RM350, 000. It is eligible for sale and purchase agreements executed from 1 January 2011 to 31 December 2012. (New Straits Time, 2010)
For instance, the buyer is first time home buyer need pay stamp duty on the property transfer. If the property price is RM350, 000, the first RM100, 000 will charge as 1% means is RM1000. Consequently, RM250, 000 will charge as 2% is RM5, 000. Therefore, total of stamp duty need pay by buyer is RM6000. But from the Budget 2011 first time home buyer can enjoy their benefit when buying the house 50% of stamp duty exemption on sales and purchase agreements and loan agreements.#p#分页标题#e#
In Fact, Hong Kong and Singapore also measure to curb speculation with the way of implemented in stamp duty to manage risk in housing speculation for their country.
Base Lending Rate (BLR)
According Jeni (2010), Base Lending Rate (BLR) is banking institutions using a formula to calculate the lower financing rate. The financing rate calculated by the total cost of loan and other administrative expenses.
This is defined by each country of central bank. Malaysia Central Bank’s Overnight Policy Rate (OPR) is references for all of banks make d adjustment of BLR. But, there might be certain circumstances other bank BLR is differ with another bank. (BLR, 2011)
Appendix 5 shows that Malaysia Banking Institutions’ (BLR) in year 2010. Most of the bank BLR % per annum is 6.30. However, Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad and The Royal Bank of Scotland Berhad are 6.0% per annum. Not only that, new discount BLR are going to as low as lower. For instance, BLR from Malayan Banking Bhd is offering discount 1.8%. But BLR -2.3% offering by Hong Leong Bank, and CIMB’s Bank offering BLR-2.1%. (Lin Say,Tee ,2010)
Speculator purchasing the right property and gain the disposal from the time sale value between with acquisition price. Because the banks are give out cheaper bank loans with the lower IR. This also causes bankruptcy consists of 6022 cases for failing to settle housing loans. (Sivanandam, 2010) However, according to EON Bank Bhd group chief executive officer Michael Lor said that recently banks are concern and cautious on their housing loans are provided and the risk they will facing in future such as bad debts. (Daljit and Laalitha, 2009)
On other hand, central bank of Taiwan at end of September 2010 announced that will raise IR 0.125% for 2nd time in the same year after a jump in property prices (Chinmei,Sung and Adela, Lin,2010)The property price increase nowadays just will let the first time home buyers difficult to purchase their own property for their shelter only. So, some of banks in Taiwan owned by the government have been asked to provide lower IR for borrowers who aged between 20 and 45. (Realty Journal Info, 2010)
For China, they are using the policy of rising BLR on the housing loans. They intention using this policy it is because let speculator investment demand in housing market will be further suppressed. The policy is raising the BLR for loans over five years, 6.1% from 5.9%. For example, if one borrower buy a house with the price 1 million yuan and need to use 30 years duration to pay the loan matching wit principal and interest. Before BLR haven’t raise yet, the borrower should be pay 5,398 yuan for each month but after the BLR was rise the payment become 5,502 yuan for each month. Indirectly, the interest is paying more 104 yuan after BLR increase. (China Business New, 2010)
If the borrower is buying the second house, the interest will charge it 1.1 times of the IR. Using with previous example, the house of price buying from borrower is 1 million but amount of loan repayment will charge as 6,343 yuan for every month when enjoy the IR as 5.9%. After the IR increase to 6.1%, the repayment for every month become 6,488 yuan which mean every month expenses will spend more 145 yuan. Moreover, IR charge as 1.1 times and deposit of second house it also has been increased to 50%. (China Business New, 2010)
In other words, buy a home must pay half the price of the house, plus monthly expenses also increased. As a result of, some purchasers who have a weak financial and unable repayment may postpone their plan to get an own house. Unfortunately, they are unable to get their home ownership and enjoy feel of security and stability.
China is expected that increasing the bank BLR between will increase the control force of housing price and affect the psychological expectation of home purchasers. Thence, the whole market demand will under control to stabilize price of house.
According to General Manager of real estate Development Company in Beijing said that developer will face the issue about sufficient funds because rate of interest was rise. (China Business New, 2010) From another perspective, developer will be a slowdown from temporary. Indirectly means price of houses will not keep increasing.
In China situation are curb speculation with the solution of implemented in BLR to reduce risk in housing speculation for their country.
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