Small amount of property rented raises suspicion

The Financial Services Bureau’s records indicate that of all the property in Macau, only about 13 per cent is rented, the Macao Daily News reports. The Chinese-language newspaper quotes bureau director Stephen Iong Kong Leong as saying only 35,120 of the 263,712 homes, factories, offices and parking spaces in the government’s register are rented. The small proportion of property that is let makes Mr Iong suspicious. The rate of tax on property that is let is 10 per cent, and landlords must pay 0.5 per cent stamp duty on leases they issue. The rate of tax on other property is 6 per cent.