Housing Movement activists congregated in front of the Farglory Financial Center in Taipei’s Xinyi District (信義) yesterday, naming three real-estate developers — Farglory Group, Shining Group and Lih Pao Construction — as the “top-three criminals” obstructing policy reforms on real-estate taxation.
The activists carried three large yellow lanterns to symbolize Taoist guangmingdeng, or good-fortune lamps, in an ironic gesture to offer blessings to the three company’s chairmen and “cleanse” them of the “sins” they have committed.
In response to public demand to curb sky-high property prices, proposals on increasing property tax have been suggested by both government officials and civic groups.
Photo: Lin Mei-fen, Taipei Times
Property taxes are currently based on land value assessments conducted by local governments, which typically amount to less than half of actual transaction prices. The system has been said to encourage speculative investment with its relatively low tax burden.
Taiwan Adequate Housing Association president Huang Yi-chung (黃益中) yesterday dismissed remarks made by Shining Group chairman Lai Cheng-yi (賴正鎰) earlier this year that real-estate development played a leading role in ensuring Taiwan’s GDP growth.
“Home loans account for 60 percent of the average income in Taipei. This restricts consumers’ spending power to a large extent, which is what truly pulls down our GDP,” Huang said.
In response to the demonstration, Farglory spokesman Tsai Chung-I (蔡宗易) said that Farglory Group chairman Chao Teng-hsiung (趙藤雄) has not spoken publicly for half a year already.
“They have no basis for their claims,” Tsai said of the activists.
“We have not received any petition from the group either. They’re probably only trying to put on a show,” he added.
The Housing Movement has organized a massive “sleepout” in protest against unaffordable housing prices, scheduled for Saturday in front of The Palace (帝寶) luxury complex.
In related developments, Taipei Deputy Mayor Chang Chin-oh (張金鶚) yesterday announced that a new online legal portal for real-estate transactions would be established next month.
According to Chang, the portal is part of the city government’s initial response to the Housing Movement’s demands.
While the project was conceived by the city government, it will be implemented and funded by the Institute for Physical Planning and Information, he said.
The portal will provide a central venue to inform consumers about the legal procedures involved in real-estate registration and sales, as well as liability for issues that arise after sales are finalized, institute head Chiang Jui-hsiang (江瑞祥) said.
He added that the platform would not provide information about real-estate prices, urging consumers to turn to other sources of information when making investment decisions.
Additional reporting by Abraham Gerber
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