China Updates- Real Estate

Real Estate

Rules governing foreign investment in real estate were relaxed, including lowering the equity to debt ratio, facilitation the obtaining of loans, and simplifying forex registration. The relaxations are clearly in response to current market conditions, on a needs must basis, and it should be remembered that, when it suits the government’s needs, tightening of the rules has taken place in the past and could take place again.

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Teresa Tam - Email 

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Primasia Corporate Services Limited

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Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong

Hong Kong Updates- Taxation & Employment

Taxation

The Double Taxation Agreement (‘DTA’) between Hong Kong and Italy, which was signed in 2013, entered into force in August. The provisions of the DTA are effective in Hong Kong from the 2016-2017 year of assessment.

The DTA is based on the standard OECD model and represents a major step forward in tax relations between Italy and Hong Kong, Italy having previously (in recent years) treated Hong Kong as a tax haven with impact on Italian citizens’ willingness to do business in Hong Kong.

Employment

Hong Kong government committees are reviewing:

The possible need for standard contracts to include provisions for standard working hours. Even assuming agreement can be reached (employer’s and employees’ bodies are both involved in the discussions), the likelihood is that provisions would apply only to lower-paid workers;

A possible amendment to the Labour Ordinance to permit compulsory reinstatement of employees wrongfully dismissed. Currently, the employer’s agreement is required for this.

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Primasia will post the updates of Hong Kong and China from time to time. Follow us on our Website/ Blogger/ LinkedIn and stay tunned for our updates!

===================================================================

Need more information?

Please contact:

John Barclay -Email

Teresa Tam - Email 

--------------------------

Follow us on:

Website: Primasia HK / Primasia China

LinkedIn: Primasia

--------------------------

Primasia Corporate Services Limited

Tel: +852 2882 2088

Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong