暨南经院学术系列活动
金融学系列 Seminar 第72期
主 题：Housing Speculation, Stamp Duty Policy and Property Market Dynamics
主讲人：胡荣（Maggie Rong HU）（香港中文大学）
主持人：李霄阳（暨南大学）
会议时间：2021 年 4 月 26 日（周一）14:30-16:30
会议工具：腾讯会议（ID: 268 125 602 会议密码：210426）
摘要
Hong Kong introduced the Special Stamp Duty (SSD) Policy in 2010, increasing selling costs of short-term property holders up to 20%. We find SSD effectively curtailed speculation, reducing flippers’ market presence from 21.1% in 2010 to 1.3% in 2013. Meanwhile, the market cooling effect is not obvious, as housing price kept trending up by 12.64% and 15.76% in the primary and secondary markets respectively one year after the SSD introduction. As holders strategically deferred sales after SSD lock-in period, SSD substantially reduced liquidity in the secondary market. Consequently, supply from the secondary market dried up and homebuyers were crowded into the primary market, driving up home prices of both markets. Our finding sheds light on the implications of stamp duty policy on speculative activities and real estate market dynamics.
★主讲人简介★
胡荣（Maggie Rong HU），香港中文大学酒店及旅游管理学院和商学院连聘助理教授，研究方向包括房地产经济与金融、金融科技、公司金融、银行学等。曾在 Management Science, Journal of Financial and Quantitative Analysis, Journal of Banking and Finance, Journal of Corporate Finance, Real Estate Economics 和 Journal of Real Estate Finance and Economics 等国际期刊发表多篇论文。
