how will it affect the market, effects to the buyer or seller...?

flippers...cepat cepat jual !

Tax of 5% to be imposed on gains from the disposal of real property from Jan 1, 2010. Existing tax exemption will be retained for gifts between parent-child, husband-wife, grandparent-grandchild.

will definitely affect the market!

no much details out yet like the exemptions for first-sold property, number of years the property being held, date calculated from vacant possession or S&P date and etc ...

This post has been edited by kikco: Oct 23 2009, 07:23 PM

What does it mean? I have a 300k house. I sell it to 3rd party and i have to pay 15k tax?

just the gain i guess..

This can be consider a good news.

how do you calc gain?

The usual way : your selling price minus the earlier buy price that you paid for the house/property. Thus, ensure you keep all your documents carefully.

there's always a way to get around this new rulling.... ;p

Word of wisdom from a season investor.

This post has been edited by jasonhanjk: Oct 23 2009, 09:51 PM

year 2004 bought @ RM 250k
year 2009 sold it @ RM 350k
Gain = RM 100k
Tax 5% x 100k = 5k ?

emm...whats the main reason for this new ruling?

the mid/high priced market property is subject to intense speculation since the removal of RPGT and low interest rate. I think its the right time to put it back now b4 get out of control.

That should be correct. Altho Im not sure if they allow you to deduct interest cost into the calculation as well....

... lets say a house bought in the 1960's at 3k
now it worth 1m lah...
if sell have to pay 50k as tax ka ?

@blasto,
Yes that is right except your 1960 house probably isn't subjected to this particular tax cause if I remember properly this will only be applicable for houses bought or purchased within a period of time (9-12 years?!)

I still need to go read up on this one; so can't make too much comments.... but yes.. flippers, quick sell before 1st Jan 2010

Is this going to affect the market price going up or down???

for properties between 500k and 1m

I agree with Pai,... interest cost-wise,... there is a maximum amount that the IRB will take into consideration,... above that amount, cannot deduct anymore,....

   

This post has been edited by ernie: Mar 6 2012, 12:17 PM

Expenses incurred in acquisation, enhancement are deductable

definitely will affect things on...got good got bad la

I believe RPGT does not apply to those properties bought before a certain of years, for example only within 5 years (In previous RPGT act).

Previously after 6 years no tax but now also tax 5%.

"Based on the Finance Bill, disposal within two years of acquisition will be taxed 30%; in the third year, it will be 20%; in the fourth year 15%, while disposal within five years and beyond will still be subject to 5% tax."

Source:
http://biz.thestar.com.my/news/story.asp?f...84&sec=business

So no matter when you sell your property, you would still get taxed, even if you sell your 30 year old house.

This post has been edited by ahming: Oct 24 2009, 09:40 AM

I think the house price will drop a bit from now till Jan since sellers are trying to sell their house before the new rule takes effects. However, in long term, the price might go up as seller will increase the selling price to cover the tax. But 30% of tax for house being disposed within two years of acquisition is really bad for investors.

I see a flipper, not an investor.

Probably but it is also hard for a buyer to get a newly completed property from sub-sale under this scheme too. By the way, ??!! meantioned that "Expenses incurred in acquisation, enhancement are deductable" that means we can deduct all the lawyer fees, stamp duty and loan interest from the earning before tax too?

YES...

There are many version of explaination about the latest RPGT. Many also say there will only be 5% tax for within 5 years, none after that. Some others like The Star saying max 30% to min 5% tax, the limit of taxable 5 years period will be removed.

Seems is very dusty now.

My understanding is 5% fixed rate imposed on the gains regardless of the years of acquisition of said property.

Only the EXEMPTION clause under the Real Property Gain Tax Act 1976 is retained, not the mechanism of 30% for first 2 years, 20 % for 3rd year and so on.

which is the correct info now , seems like different news source give different interpretation

Wait for the Parliamentary debates, subsequent clarification and analyses/commentaries from the experts. Also, nothing is cast in stone yet ... technically. These are proposals and going forward, there could be retractions, modifications etc..

To add on, the proposal also states that RM10,000 or 10% of the gains (whichever is HIGHER) will be exempted from tax. So if you gained RM100K from selling your house, RM10K will not be taxable but the balance of RM90K will be subjected to 5% tax = RM4,500

check from the appendix 15 of the PM bajet speech, got exemption for the tax for one property sold per lifetime...meaning we can flip only once a lifetime


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I have started to feel the pressure. Most of my customers are investors cum speculators, just recieved a call from a buyer said would withdraw buying a property which already agreed.

Oh, if can deduct loan interest and other fees is not so bad for 5% but 30%, I think many people going to cry. Btw, I just paid the deposit to buy a house from sub-sale.... Anyway, I buy it for my own stay la.

This post has been edited by jarjar6666: Oct 24 2009, 05:50 PM

sound silly isn't it? anyway no clear guidleines out yet, so shall wait and see lor.
Those investors/ and speculator, need to make a break then.....

actually goodnews for those who wanted to just own a house....these "speculators" and "so-called investors" have been driving the prices so high these days...most of us are not able to afford a decent house at a decent price.....

Sorry if i stepped on somebody's tail...but the current prices of even a uglee double storey is CRAZY

This afternoon I received many calls from my stubborn owners suddenly want to sell their house, at lower price. Market has started to make adjustment.

That is the good news I am referring to in post 7.

More like knee jerk effect.

thx for sharing.
i read this a few times i find it hard to understand... due to my education bground..

can pls digest for me ka ? thx in advance...

can flip once in a lifetime means ?
what happen to the people who have many property to sell ?
taxable, if transfer by will or inheritance ?
the 5% tax will apply no matter how old the property ?

IPOH:The real property gains tax, effective Jan 1 next year, is only 5% irrespective of the year when the property is disposed, says Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah.

“The real property gains tax for the first year is 5% and is the same for the second, third, fourth and fifth year,” he said when clarifying a news report in the business page of The Star yesterday.

He said the real property gains tax as announced by Prime Minister Datuk Seri Najib Tun Razak when tabling the 2010 Budget in Parliament on Friday provided exemption for the sale of a residential property for the first time and transfer of properties among family members like father to children.

Star’s BizWeek had reported that the Government proposed to re-impose the real property gains tax for monetary gains from property disposals.

The report said that based on the Finance Bill, disposal within two years of acquisition would be taxed 30%, 20% in the third year and 15% in the fourth year while disposal after five years and beyond would still be subjected to 5%.

On the non-payment of bonus for civil servants, Ahmad Husni said the country’s financial situation did not allow for bonuses to be given out.

He was responding to cries of disappointment in the civil sector over the RM500 special contribution given out only to officers in Grade 54 and below instead of a bonus across the board.

if you all think that you will see some reduction of selling price from the current price pressure, think seriously again and VERY HARD!

Be prepared to pay 5% more for the selling price. The current investor or buyer who already taken in the current price pressure that rapidly up since 2007 is unlikely to pick up this cost of sales.... especially now its clear that its a straight 5% and not progressive reduction.

but i thought if you were a first time seller u would be exempted from the 5% rite? so if the person selling to u is first time seller no worries, if seasoned seller then may kena 5% increase from initial price of sale

This post has been edited by CyberKewl: Oct 25 2009, 10:05 AM

So this 2 months time is the time to hunt for some bargains?

I don't know about that. With easy loan and low holding cost what make u think there will be bargain? Worst even I'm selling it the first time I will Jack up 5% for mor gain using same excuse the mamak down the street jacking up his canai when petrol hit the roof and the price remain the as today.

Yup, that is what I read. Lucky for me

Does anyone know if this tax would affect owners selling off their 1st property. I know last time, there was some tax exemption for the 1st property sale.

agree... get some stability in the market..
its crazy the real estate prices these days... thought the worldwide recession will make it fall a lot more but turned out didnt really affect malaysia much after intervention and stuff..

if its 5% flat on the gain, then i reckon the effect will be lightly felt by the seller, and in most cases this cost will indirectly passed to the buyers.

For a 100-150 capital gain, the tax will be less than 10k, so i'm pretty sure the seller will jack up the selling price...moreover i think some ppl are also first time sellers, so they will take advantage of this scenario...

not so good days ahead for buyers....

I see there is advantage as now there is only 5% fixed tax compare to last time 25 to 30% if flip on this 1st year of owning the property.

Does this will cause the property appriciate more faster?

Now lawyer and stamp duty department will enjoy more business.

hmm...not sure sure whether its so bad news for the buyers......i mean ya sure now sellers can jack up the price and all to cover the 5%.....but how many can really afford these prices? Many are buying without having "real money" What about when the banks starts to increase back the interest rates....how many of these sellers are able to "keep" up with their loans? They can afford the current rates....are they ready for the increased rates?

just a tot....ignore me

tat would be a good news to "poor" buyers like me....?

You see ah.. this Gmen veli smart one... One side they say reduce income tax and increase tax relief, on the other hand impose RPGT of 5%

Money from left pocket masuk right pocket onli mah...

The issues if they have realmoney or not to sustain the holding power has nothing to do with the rpgt. The reduction in selling price on subsale is unlikely to happen because it's only 5%. the sale out will only happen if blr goes up by 2-3%. On want basis will u think the govt want to Jack up the blr and create a meltdown? That would be one serious fatal move. And with ur loan agreement signed with reduction of 2.x% that give a lot of investor holding power.
So I reiterate the sale out or meltdown will not happen with rpgt. So ur mooted points can be ignored as u wanted. Intact brace urself for a higher subsale price. Those seller dupe into quick sale are fools who did not know what they doing. Investor like this always exist. Ill informed and misguided.

Nah..i didnt say that rpgt will create a meltdown.....i am adding all factors. Sorry when i said interest rates, i really meant blr.....
Oh well...yea...lose hopes...not gonna happen...sad sad sad

The once a lifetime exemption from RPGT need not be profit from your first property. To max position, should not exercise this exemption for say a property that gives you only a small profit if there is a high possibility of future transactions that may give you a better profit

Actually it is not impossible. When inflation hits, BNM will not hesitate to increase the BLR.

its good what..
for a first time buyer like me who cant afford my first house yet, means i can save more to get that first house.
if the investors and flippers get taxed more thats fine by me, coz theyd already be a bit well off i reckon. also tax on first property means less speculation possibly in the market if i got my judgement right.

i think its a good move to help the middle or lower income group like myself to have higher chances of gaining more. the 5% rpgt doesnt really come to play for someone or a family that can only afford 1 house for a very very long time.

definitely a move to help the less fortunate

A flat 5% RPGT is more likely to be passed to buyer i.e. buyer will be forced to pay 105%, and this will generally contribute to driving up house prices.
Since whether you sell now or later you're still taxed 5%, it doesn't help to curb speculators. A progressive tax rate that discourage selling within the first 3 years will do much better at that.

for subsale perhaps... for new units at developers prices means less speculators/investors/flippers will want to buy and sell so soon. so more chances for 1st time owner to buy at developers price etc.

the 105% is a likely scenario. just as the same 100% price is also a likely scenario and the seller will bear the 5%. its market forces and it can go either way

Its only 5% flat! Hardly a dent to the hot area! If you go and look at Bandar Kinrara where virtually all launches sold out in 1 day or less, and appreciate by 40-50%!... that 5% is peanut when you make 150k in 24months... and dont forget they seller allow to minus the acquisition cost. So the 5% impact is even lesser...

But if the govt do progressive 30% reduction, yes you will see plenty of speculation curbing....

I just hope that the government will impose higher tax on RPGT. 30-50% to reduce the speculation. MOre & more ppl are finding it hard to purchase a house to live in.

should also stop those zero down payment and interest free during construction promotions. banks should also max their margin of financing to 70-80% to ensure buyers are genuine and can afford, not mere speculators.

Econ is not so simple of implementing this to curb speculation. Do you what will happen to the entire economic mechanism when people stop spending? You wouldn't want to be in that situation either. Why people speculate on property? Its not because the seller... its the demand of the subsale buyer that created it.

Why the subsale buyer willing to buy it despite the price already increase 30-50% over the dev price? Because its that is the only purchase that does not depreciate over time and property on free hold land is getting scarce and the FD rate is pathetic, you might as well not save hence the expenditure.

Such consumption has been a very good rev to the govt in the form of stamping fees and also continue to drive the development industry which is still very much a back bone of our country.

It would have been a bleak situation if the property sales has been halted in the last 2-3 yrs and I think that suspension of RPGT in 2007 help us to tie over while the US and Europe impacted by the financial scandal that cost billions of losses!

What I'm saying is that there should be some control from the government to stop the housing prices from increasing exponentially. Spending & creating more debt is not the answer to have more growth or to stimulate the economic. Look at what happen with the substantial in housing speculation in the US. housing prices rises until the bubble burst.

My point is house is a need, shelter is a basic human need. Imagine our basic staple food is subjected to speculation - rice, sugar, flour........ Government need to put more measure to stop the speculation. Government is not to facilitate the profit of companies or individuals, it is to protect & make sure the citizens needs are taken care of.

If govt begin to regulate down to such level, it wont be a pretty sight and certainly not encouraging investor and trade and banking liberalisation. Like it or not, local property is still among cheapest in the region per income basis for landed property.

Lowering the margin loan to 70% or 80% is counter productive and will only hurt the general man on the street. Say you want to buy a house worth 500k, now you need to have 100-150k down payment instead of 50k.

Have you consider this or just simply tembak?

guys need advise ....

im planning to buy a cheap flat (bank auction) @ rawang cost 10-30k
do i have to pay any of this new taxes if buy within this year ?
should i buy it this year or next year ?

thx in advance...

As much as I like to dwell on negativity, what happen in US subprime mortgage is unlikely to happen. Bank Negara would have never allow such hedging and transfer of risk for higher interest. I think we need to give more credit to Zeti.

If you want govt to take care of your needs in such way, then all you need to do is cross the border for govt housing or go for the DBKL flats. No govt want to regulate to such level especially when they need to grow and flip flopping on such policy do no goods to the investment atmosphere.

Any how we digressing away from this RPGT into welfare discussion.

Then don buy the 500k house, buy only the lower price house. I'm all against the easier credit available. It has it precedence over at other country. It may not encourage the investor, but it will make alot of houses more affordable. I'm not against investing in property, but it should not speculate on houses. It is a simple concept of supply & demand. If we make it less profitable to speculate then we will cut down on the demand & subsequently cut down on the cost as demand is less then supply.

Growth & trade should not be artificially stimulated. It should be on the basis of pure products & services being created, not just profiting by just speculating without any real end product. The house remains the house from start to end, but the "price" has been artificially prop up without any real value being added.

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Added on October 26, 2009, 2:08 pmI'm trying to say tax more on those guys just making profit on speculating.

The poorer gets poorer, any the rich speculate more & more. A genuine government should include morally in its policy, but alas, most of the policy have interest of certain sections of ppl.

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Added on October 26, 2009, 2:15 pmThink is that you only have to pay tax when you are selling property at a gain.

This post has been edited by zzzz52: Oct 26 2009, 02:15 PM

The Rich get Richer.... this is the world we live in unless u choose to live in communise country...

If one buying 250k house, you still have to fork out 50k-75k vs 25k or lesser...Its still more painful for one that struggle on the first 10% imagine now at 30% downpayment!

You want growth and trade to be on pure basis level...... I think that is a bit too ignoramus simply because no country economic and market are shielded for its own interaction. Only country I can think of is North Korea.

Yes and its true house remain as a house in 10-20 yrs with no real value added and yet continue to increase in price.

But can you imagine if the house you staying now is depreciating in value so much that FH means nothing and you can't even leave it to your next generation because its have a lifetime?

Do you know in Japan, all property is a depreciating asset? All houses including freehold will drop in price until it reaches a book value of the land because the building is depreciating value structure. And at time the value drop so much that its worth nothing to the next generation because its attract inheritance tax as well.

Somehow your idea come across being a tad too socialism to me.

"Affordability" IMO goes hand in hand with credit availability. Tougher credit policy will not make houses more affordable, in fact its the opposite as ppl need to wait a lot longer before they could be able to afford a home.

Jakarta houses is a great example whereby house are more expensive (both rental and selling price)than KL but credit availability is much2 tighter.

Affordability == easeness of getting credit

I agree will the notion of prices that will appreciate over time because our monetary system makes them so. We live in a world of free trade & interest bearing credit. We cannot change this individually unless we are at the top of the system but maybe we will not change it when we are at that position.

To protect our asset value, we try to keep our yearly gains/returns from our investment above inflation.

What i'm saying is that governments are there for a purpose. While not inhibit trade & growth, it should be control & regulated. There is no where in this world where there exist total capitalism.

I'm trying to say is that this situation of perpetual growth to sustain the whole economy is bound to collapse inevitably. We do not want to come to a stage where there will be wide spread poverty because of the prices hit a critical turning point where is will bust. Then jobs will be lost & foreclosure will be rampant, ppl lose there home which they are not able to afford because they bought the houses at expensive prices initially cause all there is are expensive houses.

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Added on October 26, 2009, 3:19 pmThat is the false assumption that we are made to believe. Affordability is not only dependable on credit, there are many factors involved.


This post has been edited by zzzz52: Oct 26 2009, 03:19 PM

Fully agree with the above and the rich does not get richer out of nothing. They earn it with their capability.

It is the exploitation of the system if the rich gets richer through morally questionable means. I'm all for the accumulation of wealth, he who hasvest what he sow.

I'm against the fact that money is make from all the loans that are interest bearing. Profits derived from interest without the actual productive work are illegal, and we say that we are a country with Islamic values. This makes speculation also illegal.

But all said, everyone is entitled to their own views, he who live live through it only will know the pains.

yes you're right. 80% margin should be fine.

Ya, that is your view but sorry that I could not agree with you.

for everyone...


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Can be said that it doesn't have much impact from this RPGT. Business as usual. Go Go Go.

I didnt say that affordability depends solely depends on credit availability. Its a key factor though........whether u like it or not.

Im not an economist, can you pls explain to us how does slashing MOF to 70% and 80% will increase affordability?

The whole curb property speculation justification is pure rubbish, the government is seeking to boost its revenue.

The 5% RPGT will be passed to home buyers since it applies across the board including the middle and lower income groups; it just means affording their homes becomes tougher.

Ultimately the governments aim is to line their pockets with money.

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Added on October 27, 2009, 10:48 amWhy the government needs the extra moolah from your pockets?

Sauce
Government losses can reach RM28bil a year – or more due to overpayment

Afterall Acer laptops are not cheap, MARA paid RM84,640 for two Acer Aspire 5052 laptops.

This post has been edited by aaronpang: Oct 27 2009, 10:48 AM

RPGT Act states that each individual is entitled to the exemption of RPGT once in a life time.

However, if the said property has 7 owners. If only 2 of them want to apply for the exemption, is it possible?

The implementation of RPGT is good for the long term, but implementing it right now, without a list of exemptions, is quite stupid.

1. The implementation at 5% irrespective of number of years of acquisition is unfair.
- Consider if a person who has been living in his home for 30 years in PJ. Then he retires and want to relocate, upgrade to a larger home or downgrade to a smaller home. The gain on selling his home today will be a huge difference from his buying price 30 years ago. Therefore, the 5% tax on his gain is HUGE. But it does not mean he is selling a property due to speculating, because most buyers of properties for more than 5 years are more likely a home-occupier, and yet they would be burderned by the RPGT.

2. The Malaysian property sector is just recovering from a downturn, and then the government tries to "foolishly shock" it.
- The RPGT will adversely affect the recovery of Malaysian properties at all levels, and will dampen the interest of foreign buyers for highend properties. So many developers who are getting ready to launch new homes in the next few months have shown their displeasure and they are now considering "Pause" and "Gauge" the market conditions before launching.

3. Given the current demand of first-time buyers or rather the increasing urban-working young families, the properties in most strategic areas around Klang Valley will continue to rise.
- If the RPGT's objective is to reduce speculative prices, then it will only work in the very short-term. People and developers will eventually hike up the prices to include the RPGT. And this causes market distortion and truly unfair to first-time buyers.

4. If the seller have incurred huge amount in loan payments in mortgages etc, does that include in the amount of selling price as to reduce his gains to be taxed?

This post has been edited by accetera: Oct 27 2009, 11:36 AM

I do think thats this will be the case, It ain't difficult for seller to jack up the price by 5 %. But it'll make a hell of difference to first time buyer. Wonder why Gov not wait till the economy getting more stable.

BTW never knew the Acer laptops cos so much & its not latest specs to boot

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Added on October 27, 2009, 12:40 pmto add to your question, is it possible to opt out of exemption? I mean is it possible to hold the exemption?

& also I'd like to ask that if there's 2 name in a property so does it mean that if both will not entitle for another exemption in future, in case they opt for it now?

This post has been edited by vreis: Oct 27 2009, 12:40 PM

Singapore's idea (implementation postponed) of only taxing those who sell more than 2 props in 4 years. That will then only affect speculators.

i guess ... the gmon know the majority people who play property.... are making $$$
this decision is made for long term as they wan people to buy the gmon build home. (2020)
gmon implement RPGT for flippers, so when you flip...gmon can enjoy some flop.

Changing that MOF will collapse the Real Estate market, forcing banks out of business, thus creating more unemployment. Soon we will have a recession.

So when they gonna reduce it, I can't wait.
I definitely can afford it.

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Added on October 27, 2009, 1:17 pm"It will be as when a man who was going on a journey called in his servants and entrusted his possessions to them.
To one he gave five talents; to another, two; to a third, one--to each according to his ability. Then he went away. Immediately the one who received five talents went and traded with them, and made another five.
Likewise, the one who received two made another two.
But the man who received one went off and dug a hole in the ground and buried his master's money.
After a long time the master of those servants came back and settled accounts with them.
The one who had received five talents came forward bringing the additional five. He said, 'Master, you gave me five talents. See, I have made five more.'
His master said to him, 'Well done, my good and faithful servant. Since you were faithful in small matters, I will give you great responsibilities. Come, share your master's joy.'
(Then) the one who had received two talents also came forward and said, 'Master, you gave me two talents. See, I have made two more.'
His master said to him, 'Well done, my good and faithful servant. Since you were faithful in small matters, I will give you great responsibilities. Come, share your master's joy.'
Then the one who had received the one talent came forward and said, 'Master, I knew you were a demanding person, harvesting where you did not plant and gathering where you did not scatter;
so out of fear I went off and buried your talent in the ground. Here it is back.'
His master said to him in reply, 'You wicked, lazy servant! So you knew that I harvest where I did not plant and gather where I did not scatter?
Should you not then have put my money in the bank so that I could have got it back with interest on my return?
Now then! Take the talent from him and give it to the one with ten.
For to everyone who has, more will be given and he will grow rich; but from the one who has not, even what he has will be taken away.
And throw this useless servant into the darkness outside, where there will be wailing and grinding of teeth.'

This post has been edited by jasonhanjk: Oct 27 2009, 01:19 PM

u r an agent?which area r u covering?

I cover Penang.

yep.. which is why im all for it

i was earlier replying to how lowering the personal taxes etc was just transferred to the rpgt here when its not entirely related.

both are a help to the general masses = middle and lower income groups like myself

im all for the 30% tax within 2 years... its so damn expensive to stay anywhere in kl (landed), may be forced to move to shah alam.. even then setia alam oso not dat cheap...
cwaaazy

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Added on October 27, 2009, 8:26 pmi agree with some parts of what zzzzzz52 mentioned too though...
as long as it helps the poor, dats what govmt should do.. not just help the rich investors or 'elite' people and turn their backs on the masses.
the rich will still make money, but slightly lesser and will help the poor more.

RPGT FTW


This post has been edited by sshahar9: Oct 27 2009, 08:26 PM

Tax to help the poor, haha.
The more you help the poor, the poorer they become.

help the poor how ?

sellers/flipers will include the tax in for buyer to absorb.
if dont start flipping & making money, we only end up buying (you know what)
property is the only way you score big, if you on the right track.

as i know they never help any poor before except their servants.
(got house, land, farm, car. etc) what ever happen, their servants always cukup makan wan.

they will help the poor by selling their own project (like alam prima) as their prices is not cheap also.

Help the poor? I think the government seriously need to help themself 1st. RM88k for 2 laptop? Getting numb of hearing this kind of news every year.

the rich can afford to buy hi-end property,
got chance they will also sapu the middle or low end wan.

soon here might be like hong kong, many ppl will Q like crazy, 1 fella go in buy the whole lot ... will this happen ?

i dont think for all cases, the cost of rpgt will be passed to the buyers. probably the hot selling ones will see an increase in price. the not so hot selling places, buyers are starting to panic ?

i usually just shortcut my sentences and expect people to understand.. mebe i should write full.
the lowering income taxes i mean help the poor, have slightly more disposable income.
the return rpgt and also 30% in 2 years, might, some of it, once in gov coffers, trickle down to the rakyat in subsidies or whatever projects.

did i struck a nerve or something? haha.. other people are getting more off topic in replies.
anyway yesterdays star in 1st page biz section they mentioned a few comments about the rpgt. so im a bit right i guess if they oso say it may lower speculative buying.