XN000022-1992-01-29 — Page 7

WEDNESDAY, JANUARY 29, 1992

THE

HAS PROSECUTED ONE IN ADDITION, THE IMMIGRATION DEPARTMENT CONSTRUCTION COMPANY FOR FURNISHING FALSE INFORMATION CONCERNING IMPORTATION OF WORKERS FROM OUTSIDE HONG KONG.

"SEVERAL

CASES ARE

CURRENTLY

UNDER INVESTIGATION

AND

ADDITIONAL MEASURES HAVE BEEN TAKEN WITH A VIEW TO SECURING SUCCESSFUL PROSECUTION, " HE SAID.

STAMP DUTY BILL AIMS TO CURB PROPERTY SPECULATION

BILL

4) THE RESIDENTIAL AND PURCHASE

THE PRINCIPAL AIM OF THE STAMP DUTY (AMENDMENT) (NO. 1991 REMAINS THE CURBING OF SPECULATIVE ACTIVITY IN PROPERTY MARKET, BY MAKING STAMP DUTY PAYABLE ON SALE AGREEMENTS.

LEGISLATIVE

KAI-YIN AT THE

COUNCIL

THIS WAS STATED TODAY (WEDNESDAY) IN THE

YEUNG THE

MR TREASURY, FOR THE SECRETARY BY RESUMED DEBATE ON THE SECOND READING OF THE BILL.

OR

MAJOR SOCIAL

MR YEUNG SAID IN HIS VIEW, THERE WAS NOTHING EXCEPTIONABLE EVEN OBJECTIONABLE OR EVEN INAPPROPRIATE IN TACKLING A PROBLEM THROUGH AMENDMENTS TO TAX LEGISLATION.

OF AGREEMENTS IN "UNDER THIS BILL, WHERE THERE IS A SERIES

OF DUTY AMOUNT

PAYABLE WILL RESPECT OF THE SAME PROPERTY, THE MULTIPLY.

"THE

A MAJOR DISINCENTIVE PROVIDE THUS BILL WILL

RESTORING SPECULATORS. IT WILL BENEFIT GENUINE HOME BUYERS BY

BEEN DISTORTED SERIOUSLY BALANCE OF

WHICH HAS FORCES MARKET SPECULATIVE ACTIVITY,

"

MR YEUNG SAID.

HR NOTED THAT MR ARCULLI HAD FOUND IT DIFFICULT TO

THE GOVERNMENT THAT BELIEVED BECAUSE THE BILL

HE INTERVENE IN THE MARKETPLACE.

FOR

THE

BY

VOTE

FOR

SHOULD

NOT

KONG GOVERNMENT "WHILE I AGREE WITH MR ARCULLI THAT THE HONG

WORKINGS OF THE MARKET HAS, BY AND LARGE, NOT INTERVENED IN THE

FACT IS THAT THE BECAUSE ESPOUSE THE FREE MARKET MECHANISM; THE

MIND GOVERNMENT DOES INTERVENE IN THE MARKET WHEN IT IS CLEAR IN ITS THAT IT IS IN THE LONG-TERM INTERESTS OF THE ECONOMY TO DO SO.

IS IN THE "IN THIS CASE, WE ARE CLEAR IN OUR MINDS THAT IT

DO LONG-TERM INTERESTS OF BOTH THE ECONOMY AND THE PROPERTY MARKET TO SO, BUT WE HAVE CONCEDED THE POINT THAT IN THE CASE OF THE SPECULATIVE ACTIVITY THAT WE HAVE SEEN WE SHOULD INTERVENE FOR A LIMITED PERIOD, " MR YEUNG AND THAT IS WHY WE HAVE PUT A TIME LIMIT ON THIS MEASURE, SAID.

/HE POINTED

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