Property Speculation

Let us read the following news item again.

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11748861

There is a story going round the grapevine now that states how two houses in Mangere Bridge have been transacted five times in four days. Another story relates to another house on a similar theme - that of a historic homestead along Coronation Road, also in Mangere, changing hands three times within six months with the sale price doubling from $1.45 million to $2.80 million.

And such stories about speculative property buying appear to be hit the headlines over and over again.

My question then is this: What’s wrong with property speculation and speculative property transactions when the capital gains are already taxable?

Obviously, there is nothing wrong with such transactions.

So, therefore what is the fuss about?

Come to think of it, how many millionaires are there in this world who do not speculate? Donald Trump speculates all the time and becomes the President-elect of the richest country in the world.

Chip Tsao, the Hong Kong-based columnist, broadcaster, and writer has ever said that property speculation, according to the hereditary beliefs of the Chinese people is as “old as Confucius” and perhaps is the only fast and legitimate way of accumulating wealth.

What is my point?

My point is simply this: Why make a fuss about it? Join in the speculation game as fast as you can and be happy and who knows, you may well be the next President or Prime Minister of your Country.

Do not be jealous of others who have done this - this that is only natural in a democratic and open system of our present day civilized governments.

John Tsang tried to curb speculation in Hong Kong in the year 2010. Has the legislation really worked?