Hong Kong raises the stamp duty for only the second time in three years on non-first time home buyers. A detailed story in the South China Morning Post calls it the world’s least affordable market. The government may have to do more to cool the speculative fervour as China’s liquidity + U.S. monetary policy push lots of liquidity into Hong Kong.
A (mild) counter-cyclical regulation in Germany which has one of the hottest property markets globally thanks to the monetary policy of the European Central Bank is reviewed somewhat critically by the Wall Street Journal here. It is disappointing since that is how the financial services industry is prevented from being reformed. Media, unwittingly or otherwise, bats for special interests in the name of ‘free markets’. That is not conviction but convenience and is not correct in all situations.
Indonesian President postpones visit to Australia after protests against Jakarta Governor to be arrested for alleged blasphemy. Not good.
A detailed Wall Street Journal story on crackdown in Turkey extending to corporations, law firms, etc.