Well, since it’s recommended that you should never buy a property if you don’t intend to live in it/rent it out for at least 5-7 years, I would say it’s not even remotely a long time.
But this law is supposed to stop people from buying houses on speculation, not hoarding. That law actually might do something about the home prices. There are a lot of new builds near me that I checked the cost of when I first moved in (in August). On 591’s 新建案 (new builds), there were units listed at 80-88萬/ping. Nine months later, those same units are now “old houses” (中古屋), going for at least 98萬/ping. Someone came in and put in 樓中樓 (middle level floor/built in lofts) and stupidly placed built-ins, then jacked the price up by 10-18萬/ping. Yet there’s always someone with the building company’s sandwich board standing around advertising that there are units for sale. Yet those units no longer exist in the “new builds” part of 591’s website, nor can I access how to buy a new unit on the construction company’s site. My guess is that, were I to enquire, I would be told “sorry, we don’t have anything at 80萬/ping, but there are some nice units available from 100萬/ping”. 去吃屎.