News roundup: HK visitors to China now have higher duty-free allowance, plus other stories

For PropertyGuru’s real estate news roundup, an increase to the duty-free allowance for people entering mainland China from Hong Kong is expected to generate at least HKD2.7 billion for the city’s economy. In other stories, the increased tax charges for Brisbane projects make the state the second-worst in Australia to invest in student housing. And finally, an updated list of India’s national or public sector banks for 2024.

The rise in Chinese visitors’ duty-free allowance is expected to add at least HKD2.7 billion to the Hong Kong economy

An increase to the duty-free allowance for people entering mainland China from Hong Kong is expected to generate at least HKD2.7 billion for the city’s economy, the government has said.

“I am very grateful for the care of the central government and the introduction of various measures to promote Hong Kong’s economy,” the city’s leader John Lee said in a statement released on the morning of 28th June, saying the higher duty-free limit showed Beijing’s support for Hong Kong.

“The new measure will enhance the shopping experience for mainland resident visitors in Hong Kong and allow them greater flexibility when shopping, which is beneficial for Hong Kong in attracting more visitors and boosting the development of diversified tourism,” Lee added in HKFP.

Brisbane unaffordable for student accommodation as shortage bites

Student housing providers have labelled the increased tax charges for Brisbane projects as “diabolic idiocy” during the housing crisis, with thousands of beds now at risk.

Queensland state government increases to foreign land tax and changes to Brisbane City Council rate structures are expected to add 24 percent to operating costs, or about AUD180 a year, to each of the capital’s 16,000 beds.

Industry experts say the state is now the second-worst in Australia to invest in student housing, only after Victoria, due to the percentage of operational expenditure that goes to state and council taxes.

Chief executive of leading provider Scape, Anouk Darling, said in realcommercial.com.au that the changes were beyond a discussion of fair and unfair. “It’s a case of diabolic idiocy,” she said. “We have major headlines screaming, ‘housing crisis’ and purpose-built student accommodation is a legitimate asset class removing pressure from the residential for rent market, responding to the federal government’s ambitions of increasing supply. Yet the Queensland Government have thrown one roadblock after another. They are categorically disincentivising development.”

Updated list of national banks in India in 2024

Nationalised Bank is a term used to refer to financial institutions owned and operated by the government. Nationalised banks are also known as public sector banks (PSBs). The number of nationalised banks in India has been significantly reduced after the government in 2021 merged 10 PSBs into four banks. As of June 2024, there are 12 national banks in India. Housing.com provides an updated 2024 list of India’s national banks.

The Property Report editors wrote this article. For more information, email: [email protected].